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Hugo in HTO Trading,

EURUSD: Approaching a key level

Since the start of the year the currency gained more than 4.5% plus last week rose more than 2.0% and is in a bullish phase since mid-March 2016.

Last week the EURUSD rallied with a wide range and close near the high of the week, in addition managed to close above the previous week high, suggesting a strong bullish momentum.

Stochastic is showing an overbought market although is still displaying a strong bullish momentum.

Expecting an upward move to a key level at 1.1714 on a break above the previous week high at 1.1437 (scenario 1) and a bounce from the key level at 1.1714 could push the currency down to the weekly resistance at 1.1312 (scenario 2).