The spotlight remains on trendline resistance from May 2016 at 1.1276/84.
EURUSD eased back from last week’s high on Monday. However, the immediate focus remains still on resistance next at 1.1250, above which can aim at the falling trendline from May at 1.1276/84. Strong selling is expected to emerge here again, but a direct topside break can see a move to the September 2016 peak and trendline resistance at 1.1327/28.
Support shows initially at 1.1203/00, with 1.1160/53 needing to hold to keep the trend still higher. Below 1.1153 can see a deeper fall to the 1.1123 price lows where fresh buying is expected to show.
Strategy: Long at 1.1160, stop/reverse below 1.1123 for 1.1280.
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