This week was really messy where the price could not stay on one course, but it jumped up and down.
The week started with a bullish scenario at the $1.21800 with the target at around $1.22800.
Price reached $1.22660 and then reversed back down to $1.21800.
The strong support which I have mentioned last week has stopped the price from falling down, but the price formed a strong bullish Pin bar. That was a sign of a strong bullish market scenario which will probably end up reaching new highs.
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 currently on a strong support where we have a confluence of support levels.
We have an uptrend line which is combined with a horizontal support line and we have a bullish Pin bar formed at the right place.
With these three bullish signals I am very open for a bullish scenario next week.
First target is $1.22800 which is now a strong resistance that must be broken so the price can create its new highs. As the market now looks I am open to see the price reaching $1.22800 and then retrace around $1.22300 and then breaking higher above $1.22800. The next resistance is at around $1.24000.
I cannot really see the price below $1.21800, but the market can do everything so the first support below $1.21800 is $1.20800. The price could make another leg down before moving higher and that leg could reach $1.21400 which is less significant support.
Trading Analysis Bonus
I am sharing trading analysis each week.
It is free and if you want to receive e-mail notification, sign up.