Since the beginning of the year the currency pair gained more than 2.0% and last week alone rose more than 0.5% but still remains in a recovery phase since mid-January 2017.
Last week the EURUSD initially fell but found enough support near the previous week open to trim all its losses and closed near the high of the week, in addition managed to close above the previous week high, which suggests a strong bullish momentum.
The 10 week moving average continues to provide a good support however a close below it should signal that the bullish run maybe over.
The stochastic is showing a strong bullish momentum and crossed above the 50 mid line.
Expecting an upward move to a key level at 1.0952 on a break above the previous week high at 1.0782 (scenario 1) however a bounce from the key level at 1.0952 could push the currency down to a weekly support at 1.0839 (scenario 2).