EURUSD Forecast
EURUSD chart analysis
The price has managed to break higher this week, but the break was short lasting. In the previous week analysis I have said that if the price manages to break above $1.21280 we could see it moving higher.
That has happened on Monday, and on Tuesday the price reached the first resistance level, $1.21793, I have said that could make a resistance for the price. And that happened.
THe price returned back down, but the bulls have succeeded to push the price back. On Wednesday the price formed a bullish Pin bar that suggested a move up.
On Thursday the price broke above $1.21793 reaching the uptrend line, but it returned down on the same day forming a bearish Pin bar. On Friday the price returned all the way down to previous support, at $1.20800.
EURUSD Chart Forecast
Friday candle has wiped out all what bulls have done since Monday. The price is still in range area.
What I am looking now is for a bullish price action signal on the $1.20800 support level that will prevent the price from moving down and which will make a base for future move up.
Strong selling pressure on the $1.21793 level shows me that it is an area where bears are not allowing the price easily to break above.
The price will need much more strength to break above.
For now bulls are holding ok, but the next week on the start will show where the price will move. There are also bears that are holding their ground so it will be hard for the price to get out from the range area where it is now.
Break above $1.21793 and daily candle close will confirm bulls strength where the price could look for another try to break above $1.22845 level.
If the price breaks below $1.20800 we could see it reach $1.20000
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Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
