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EURUSD Forecast – Start of The Bullish Mode

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EURUSD Forecast

EURUSD chart analysis

 

The pair managed to break above $1.19000 which turned the market slightly into bullish mode.

After last week engulfing candle the pair has found strength to move 100 pips up and reach key level at $1.20000.

The move last week was not so strong and the weekly range of 100 pips tells me that the pair had a hard time to move up. Sellers were not willing to give up easily.

Only one bearish candle has formed on Thursday, but its shape and size tells me that it was only a small portion of traders who got out and cashed their profits.

 

EURUSD Chart Forecast

 

As I said in the previous week analysis the price will look more bullish if it closes above $1.19000. Now I can say that the market really looks bullish and I expect the price to reach $1.20800 which is major resistance for the pair.

Weekly chart tells me that weekly close has confirmed future move up because the close is above previous weeks close. That means the pair managed to break above key levels which will open the road for the bulls.

If the price reaches $1.20800 and closes above on a daily time frame the next big resistance is at $1.21793.

On the other way around if the price closes below $1.19000 it will open the road to $1.17000. Bearish scenario is really less likely, but if Monday shows some strong bearish sign I cannot rule out a bearish scenario.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

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/

 

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.