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The EUR/USD currency pair saw its rally from 1.1323 continue last week, despite experiencing a brief setback. This week, the initial bias is on the upside, with a target of the 1.1621 cluster resistance level, which is the 38.2% retracement of the 1.2081 to 1.1323 move. A decisive break above this level would solidify the case that the fall from 1.2081 has completed as a three-wave correction at 1.1323, potentially leading to further rallies. The EUR/USD pair's movement is crucial for forex traders, as it is one of the most widely traded currency pairs. The pair's rally could have implications for the overall forex market, particularly for traders who are long on the euro or short on the dollar. As the week unfolds, traders will be watching the EUR/USD pair's movement closely, particularly around the 1.1621 resistance level. A break above this level could lead to further gains, while a failure to break above could lead to a pullback. Traders should also keep an eye on economic data releases and other market-moving events that could impact the pair's movement.
