EURUSD Tech analysis by Simon Kazinsky on 18:11 July 30, 2016 EST
EURUSD was about to move into bearish territory... until last Friday. The pair had been weak for the past weeks descending from 1.14 to below 1.10 and taking supports on its path.
But it indeed bounced back at the last, but strong, support standing as can be seen on the chart. The pair was unable to break below 1.0950 were both an ascending trendline and a supporting Moving Average on the weekly chart sit. It did so with momentum and closed for the week nearly 200 pips above the critical level.
We therefore maintain the bullish scenario and set target at 1.20 where a long term moving average on the monthly chart may act as resistance.