This week the price has made a bounce down to the first support at $1.20800. The price took three days to reach the support which means bulls were strong enough to hold the price on the upper side.
On Wednesday the price has reached support confluence level at $1.20800. It did not stay for too long. The uptrend support line has held the price from falling below.
On the same day the price bounced back up, but it took the whole Thursday to make a new base for future move up.
On Friday the price managed to move up, but it could not make a move up to the resistance line at $1.21793.
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EURUSD Chart Forecast
The market shows bullish sentiment where the price has followed the uptrend channel. The price needs to break above $1.21793 to make its way up to $1.22845.
In the next week I am expecting the price to break out fromt this small range. If that happens and the price closes above $1.21793 on a daily basis the price will move towards the $1.22845 level.
If the price manages to move down, below $1.21793, we can expect the market to change its bias and become bearish. That is less likely in this market overview, but we should not exclude that option.
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