EURUSD Aug 05 to Aug 09 Outlook

Recap
Instead of a reversal euro managed to break out of its up channel without dropping back down below the support zone. Wild swings at the 2nd half of the week yet the range has not expanded. Closed the week near midpoint and Y+1.

Outlook
Neutral closing setup means no strong bias to lean on. Given the fact that euro entered this consolidation from an uptrend, a retest of Y+1 and even B+1 is likely.

The better risk reward play is a break of Y-1 / B-2 which points to significant longer term reversal in place.