Will be using the 1.1661-904 as a dividing line

This week in the EURUSD, the pair continued a little lower from the tumble of the ECB meeting and Draghi press conference back on June 14th. That "little" move took the price to 1.1507 which was very close to the May low at 1.1509. Call it a double bottom.

Next week, that double bottom will remain a key level to get below on a move lower.

The move higher off the double bottom has moved to an area that has done a good job of bisecting bullish and bearish over the last few weeks of trading. It also was a floor/ceiling back in 2017. The price moved above the area in July, tested and remained above in August and October. At the end of October and into November, the area was broken, but the break failed and the price move back above - not to return until last month.

As the double bottom is to the low extreme, the 1.1661-90 area (a little wider but that is ok), is a higher extreme. If the price moves above and stay above, I would expect the buyers to come back in and help push the pair higher.

We currently trade near the top area (moved into the level today, but backed off). Do the sellers come in and resume the downside next week, or do we break above that area and leave the lower extreme (and double bottom) in the wake?

Time will tell but the key levels and plan are ready for the trading.