EURUSD during the Friday session recorded dynamic appreciation, which allowed it to test the 1.1200 level, where was last seen during the US presidential election in November 2016.
EUR/USD is right now unstoppable – gaining more than 350 pips in only six trading days. Price closed over 1.1200 on 19th May, but new week begins under this significant round resistance. As a result, the advantage should remain on the bears side, but analysts are moving their forecasts to more bullish, suggesting buying any downward correction on the pair.
So where should we search for opportunity to open long positions? The first level is of course 1,1200 if it has been defeated and re-tested from the other side. If we do witness a downward correction, then the first natural interesting point seems to be 78.6% of Fibo abolition in combination with 1.1100. As you can see on the chart, price reacted for several consecutive sessions to that level. However, if this would be defeated by bears, the next support is again a round level of 1.10.
