EURUSD Forecast
EURUSD chart analysis
What we can see on the chart compared to the previous week analysis is that the price had a retrace back to previous range area and from there found support for the next move up.
Week started with the bearish candle and reached a $1.13094 resistance level. At that level the price stayed for three days.
And then on Friday the price moved strongly up and closed again the week above previous daily candles close.
It is the second week that the price finishes the week with above previous daily candles close.
EURUSD Chart Forecast
With the second week with the same scenario of closing price higher than previous daily candles close we have more confirmation that the price will move up.
The price is now in the channel where $1,14000 level is highly possible. We could see price next week moving around this level.
The $1.14748 level is the next strong resistance where we can expect the price to stall. From the current price $1.13613 up to the $1.14748 level is not too far. It is around 100 pips which EURUSD can move in a day like the last candle this week which had over 70 pips range.
Entry levels would be in a bullish direction because the market shifts from the bearish to bullish. All retracements like this one are good to look for entry points next to support levels.
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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check my blog https://getknowtrading.com/
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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.
