Weekly EUR/USD “Bullish engulfing candle”. NOK remains pressured

EURUSD: A potentially bullish candle was added in the weeklies with the high Fri close counted in. So for the week(s) ahead there should be some upside focus, first at nearby pockets of resistance at 1.2485, 1.2496, 1.2532. Through those and the mid/late Nov high of 1.2602 should see some action too. The Sep 1.2800 mid-body point is so far a distant correctional objective, but keep in mind should a move higher start to accelerate. (IMM specs shorts are seen reducing in a quickended pace).

Read the full report: Technical Alert