EURUSD Forecast
EURUSD chart analysis
Looking into the past analysis two weeks ago the price reached $1.11871 in the pip. And then bounced back up to first resistance at $1.13094.
The level $1.11871 was a strong support because the price had a similar reaction on that level in the past.
This week the price had one strong bullish move trying to break above $1.13094 level, but what we can see the bulls could not move the price higher.
Small bearish candles are still inside large bullish candle which tells me that the price could move higher.
Wicks on this week’s candles tells me that the price has a hard time moving in one direction because there are sellers and buyers pushing the price in their direction.
EURUSD Chart Forecast
This week I am expecting to see the price close to $1.14000 level and then move down. The $1.14000 level is a confluence level of resistance we can see on the chart.
We have horizontal resistance and downtrend channel line which together will present hard resistance to break above. So, we can expect the price to reach $1.14000 and with a short break above return back below.
If that happens we can look for a bearish price action signal as an entry level and then the target is $1.13094 because the bears are still not over. From there we need to wait and see what will happen.
If the market forms more bearish candles around $1.13094 and $1.14000 then the level $1.11871 is still in the game.
If the price manages to break above $1.14000 and stay there for a few days we could see market sentiment changing a little bit into bullish sentiment.
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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.
