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The common currency closed the week with one of the strongest gains in over a month, closing at 1.1655. It also marks a fifth consecutive weekly gain.

Looking at the long term charts, price is now trading in the resistance area between 1.1600 and 1.1741.

A weekly close above 1.1741 will confirm further gains. Meanwhile, support to the downside resides at 1.1365.

The strong price action move will be determined by the third rising trend line. A breakout of this trend line will potentially push the euro lower for a correction.

In the short term, watch for a close below 1.1600 that could signal a move to the downside.

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