EUR/USD posts biggest weekly gain in 16 months

The Euro finished the week barely below 1.3500, trading at 5-month highs. EUR/USD posted the second weekly gain in a row and the biggest in 16 months, after rising 450 pips from last Friday closing level. The European currency has risen in eight out of the last ten trading days.

“If the market closes around 1.3455 then we will have an engulfing green candle on the daily chart that is strongly bullish. Also, the strong move up followed by the small pullback can be seen as a flag formation”, Ian Coleman, collaborator at FXstreet.com said. According to Coleman the target for that formation would be 1.3700. He added that a break of 1.3516 would confirm the second scenario.

Source: FXstreet.com

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