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EUR/USD At Critical Range Resistance

EUR/USD has been in sideways price action since 2015 after an end to a bearish trend.

EUR/USD Weekly Chart

(click to enlarge)

- The weekly chart shows price action rallying sharply towards the 1.1715 mark, which is the high of the consolidation range since 2015.
- I think even above 1.1715, the 1.18 handle would also represent a key resistance, as a psychological whole number, and as the price EUR/USD would meet the 200-week simple moving average.
- It should be noted that the price action coming up this time looks strong. 
Bearish Outlook:
- Still, if the market does sell from this 1.17-1.18 area, there could be downside back to at least 1.15, with 1.13 as the aggressive target for now.
- If subsequent attempts to break 1.18 fail, then I would be more convinced that the multi-year range resistance is holding, and would have more confidence for a bearish outlook towards the middle of this range around 1.10. 
Anticipating Breakout:
- Multiple failed attempts to break above 1.18 would also give me more confidence of bullish extension if EUR/USD DOES eventually break 1.18.