EURUSD: 23.6% fib reaction is commanding the corrective rally

The growing number of resistances are indicating the price capped for Q2. Selling pressure remains very strong at the parallel resistance seems to be at 1.1750, May 24 high which coincides with the 20MA and the 23.6% fib reaction( 1.2555-1.1510 correction). Earlier May 14, the price was rejected at the same 23.6% (1.2555-1.1822 correction).

Whereas the price manages to close above the descending channel is still open the possibilities to breach the 20MA. A stiff footprint above the parallel resistance could open further to 1.1800/1.1820 and 1.1870 in the coming days. The daily studies RSI and the oscillator are remaining bullish.

Now we retain our cautiously bullish view with supports at 1.1590 and 1.1500.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-eurusd-23-6-fib-reaction-is-commanding-the-corrective-rally/