EURUSD Forecast
EURUSD chart analysis
In the previous analysis I have pointed that the price could break above $1.16187 which is the break point for bulls.
After Monday ended the price found its way above this resistance and managed to stay above for the rest of the week.
The candles formed from Tuesday to Friday you can see on the chart are all bullish and close price is above this level. That means the bulls are strong enough to hold the price above.
EURUSD Chart Forecast
After breaking above the price returned back to test the level as a support which gives confidence the price will respect the level in the next few days.
The currency pair is in the downtrend so being bullish completely is not an option. For now the price will find resistance on the old resistance at $1.17200 which will now be a confluence of support combined with downtrend channel resistance.
From there we can expect to have bearish signals for trading. If the price closes above $1.17200 the price will be in the range where the next resistance will be around $1.19000.
Now the market is somewhere between bulls and bears and the critical point for the bears is $1.15462. If the price manages to break below, the next support is $1.14748.
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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.
