• EUR/USD bullish cycle remains intact for an eventual 1.1683 Fibo probe

• 1.1683 Fibo is a 76.4% retrace of the 1.2349-0.9528 EBS drop

• Spot has registered the 3rd weekly close in a row above broken 1.1271 Fibo

• 1.1271 Fibo is a 61.8% retrace of the same 1.2349-0.9528 fall

• 14-week momentum remains positive, that adds to the underlying bullish bias

• However, long upper shadow on last week's candle a possible upside rejection

• If EUR/USD slips back below 1.1271 Fibo, that would be the sign of a new top

• Previous update

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)