By Frano Grgić EURUSD Forecast
EURUSD chart analysis
The price has reversed from the weekly up trend line and closed below $1.17200 support level I was mentioning last week.
It took two days for the price to break below and after breaking there was indecision. Indecision candle has formed on Wednesday showing how the market is preparing for the next move down.
And that happened on Thursday where the price moved down.
Friday as usual is a day when the market reverses back because of traders cashing profits before the weekend starts.
EURUSD Chart Forecast
$1.17200 was a breakpoint for the sellers and now it is resistance for buyers. Start of the week could have a small test of the $1.17200 before moving further down to $1.16187 which now is the next target.
$1.16187 is a strong support which held the price in the past. Last year in September and November the price reached $1.16187 and it could not break below.
Since then the price is above this level and it will have the third attempt to break below.
If the price breaks below we will have $1.15462 as a next target, but the biggest support will be at $1.14748.
Because $1.16187 is strong support I will wait until the market reaches it and see what could happen then. It is hard to say the market will change sentiment into bullish, but it is not something we should rule out.
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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