FX.co ★ EURUSD ends week with a bullish note

EURUSD had a volatile week due to the swinging of the election results. EURUSD started the week around 1.18, turned lower to test key support at 1.16 and now price is breaking to new higher highs.

Price is breaking above the Ichimoku cloud and this is not something bears like. Staying above the cloud is bullish. Support by the cloud is at 1.1775. At the beginning of the week we warned traders that they should focus on the weekly level and not in the intraday charts as volatility could mislead us.

Green rectangle- support

Green line resistance

EURUSD is ending the week on a higher level than the previous 9 weeks. Price is breaking above the resistance and bulls seem to be in control of the 1.18 level and look strong enough to defend it. Trend is expected to continue to be bullish and as long as price holds above 1.1750 we believe 1.21 is more probable.