EUR/USD had a big up move this week. Since last Thursday EUR/USD was rising under an ascending trendline. This trendline held 4-5 times. However there was also aggressive buying on pullbacks. Every time it fell there was buying before it even got down to its supporting trendline. This wedged the price in and eventually broke to the upside and moved 300 pips.
The way to trade this would have been to buy on a break of the resistance and stop-out below the last trendline.
Now EUR/USD is making a range from1.325-1.34. If price breaks lower 1.31 could be support. If it break higher 1.38 could be resistance.
I'm bullish on EUR/USD for now, but this has been a fast move and some consolidation in the range would be a good sign before heading higher.
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