EURUSD Forecast
EURUSD chart analysis
Last two weeks the EURUSD price was in the range between $1.12350 on the bottom side and $1.13600 on the upper side.
The price was making its way up every few days and had stopped for a while close to the downtrend channel. The downtrend channel line posed a resistance for the price for five days. And this week, on Wednesday the price broke out to the upside.
The price closed the day $1.13466 which is the price above previous days candles close. And that means above candles since 22.11.2021.
That meant the price had enough buyers to move above.
The next day the price returned back down, but not below breakout candle low. That means the price has support to continue up.
And, the next day the price moved up strongly and broke above previous high which was $1.13600.
EURUSD Chart Forecast
The price is now back inside the downtrend channel. And the first step to change the bias to bullish is done.
The next step is to move above $1.14000 which is now the first resistance. And then the final resistance is $1.14748.
If the price manages to break above that level that will mean the price is almost in a bullish mode. The only obstacle that is left is the trendline with resistance at $1.15462 which I think will not be hard to break if the price comes quickly to that level.
And that is because that will mean the price is strongly in bullish mode.
After that the price has breakout level at $1.16187 which must be broken to completely change the bias to bullish.
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Risk 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.
