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EURUSD bulls remain in full control following the break above a bull flag on July 6th.
That position from 1.1299 is still open.
As I mentioned in Sunday’s forecast video, I want to see if EURUSD buyers can clear the top of a multi-year range this week.
Remember that this Friday is the July close.
If buyers can close EURUSD above 1.1670 or so, it would confirm the bullish breakout and expose 1.2500.
However, anything can happen between now and Friday’s close.
And let’s not forget that we have a Fed rate decision and statement this Wednesday at 2 pm EST.
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That could either fuel the fire for bulls or extinguish the rally.
Either way, this week’s close is worth keeping an eye on.
I’ll stay in my EURUSD position so long as any pullbacks remain constructive, which is the case so far on Tuesday.
If EURUSD closes this week above 1.1670, my new target will be 1.2500.
On the other hand, if buyers give up the 1.1700 support area on a daily closing basis, I may think about booking some profit.
That said, 1.1600 is the must-hold level for euro bulls, in my opinion.
Disclaimer: I hold a EURUSD long position from 1.1299.