Week started with bears moving the market down and in the two days the price was lower than it was last week.
The price reached a weekly up trend line and found support. It reversed back on Wednesday, but the following two days were bearish.
Weekly outlook looks bearish and it seems $1.17200 as a confluence of support is very close and we could see the price heading down.
The best Harmonic scanner
From $24.99 / month
8 Harmonic patterns
9 Standard patterns
Web based platform
Real time notifications
EURUSD Chart Forecast
The price is still in bear hands and it needs to find stronger support to drive the price higher.
Confluence of support around $1.17200 could be that area, but the price is finding harder and harder to reach that level.
The reason behind bears’ strength is decreasing and strong support where the bulls are waiting.
Strong confluence of support consist of weekly uptrend line and horizontal support line which is strong enough to hold the price from further falling.
If the price forms a bullish engulfing or Pin bar around $1.17200 it will be the sign of a bullish move which could be the start of a bullish trend.
If the $1.17200 does not hold then $1.16180 is the next target. It is a stronger support level which holded the price at the end of the last year.
If the price wants to reverse current bearish sentiment it needs to close above $1.19000.
Trading Analysis Bonus
I am sharing trading analysis each week.
It is free and if you want to receive e-mail notification, sign up.