Dominant bias: Bullish
This pair moved upwards by over 260 pips last week. The bullish journey began at the support line of 1.0550, and price is now above the support line at 1.0800. The next targets for the bulls are located at the resistance lines of 1.0900 and 1.1000, but there must be an ongoing buying pressure for these targets to be reached. The current bullish outlook is delicate, because any weakness in the Euro could send the market tumbling, reaching the support lines at 1.0700 and 1.0600.
Dominant bias: Bearish
Although this currency trading instrument rose by 200 pips last week (from the demand zone at 126.50 to the supply zone at 128.50), the bearish bias is still in place. Only a movement above the supply zone at 129.50 would render the current bearish bias invalid.