Last week there were a lot of events that triggered interesting moves on the EURUSD. But still, the closing price of Friday was not very far away from the opening price of the week. The currency pair touched a low at 1.3103, after a sudden drop from 1.3220. Friday the dollar started to lose ground again after the Non-Farm payrolls was released, and the week closed at 1.3175.
Chart: EURUSD, H4
This week the economic calendar will be full of publications that could raise the volatility. EURUSD seems to be retesting the down trend line. From here the price might bounce back to 1.3100, and the down trend could continue also below this level. But if we take into consideration the positive divergence that is drawn on the 14 periods RSI, we could expect a breakout above the trend line and above the 1.3200 resistance area.
If the price will fall below 1.3100, the next good support can be found at 1.3000. A round level that was tested a lot this year. If the EURUSD will manage to have a daily close above 1.3220 there will be a high probability for the up move to continue all the way to 1.3300.