Early in the week a low was formed to create a powerful IHS with neckline at approx. prior week high (green zone). A breakout of that zone in mid week has turned that into a support area. Euro rallied to close at its high of the week. Range was tightened but it was still 400 pips. Volatility is definitely staying.
[B]Next Week Outlook[/B]
The IHS has a target of 1.39+. That puts the pair in upside expansion mode and it is matching the 200% upside targets for the prior week and last week. The zone is 1.395 to 1.400 (not shown). If euro tags that area quickly in the beginning of the week, a tradable pullback is expected.
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