By Frano Grgić EURUSD Forecast
EURUSD chart analysis
The week behind has shown bears breakout below previous day candles lows which led the price to $1.17200 support level.
Week started with small bearish candles and on Wednesday touched the support at $1.17200 and in the following two days reversed up to $1.18000.
The price reversed on Friday which is a day when the traders get out from the market. Having strong support $1.17200 counted in it makes sense the price reverses. Lots of traders were closed at the support and the pushed the price higher.
EURUSD Chart Forecast
$1.18000 is a round number which acted as a resistance for the price and now the market looks like it has tested the resistance before the next move down.
As a first step for the price to move down and to confirm the $1.16187 as the next target is to close below $1.17200.
$1.17200 is now a breakpoint for the EURUSD pair.
If it the breaks below, strong support will be at $1.16187. This level has history for this pair where it held the price in the past from falling further down.
We have a weekly uptrend line broken and now tested which is another signal the price could move down.
If it reaches $1.16187 support level from there we will see where the market could move.
For the bullish scenario we need to see the price above $1.19000 level. You can see the price could not close $1.19000 above in the previous attempt which means bulls do not have enough strength to push the price higher.
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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.
RTC Team