The price has done what was discussed in last week’s analysis. The price touched $1.21800 and returned back down to $1.20800.
Around $1.20800 the price spent some time until it found support for the next move up.
The support the price found is on the previous two weeks low which confirmed that the buyers are holding the price from falling further down.
On a Friday we can see a strong bullish candle which has a day close above two weeks’ candles high which means the week has confirmed it will move up.
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EURUSD Chart Forecast
As the price has managed to close higher than previous candles two weeks ago this looks promising for the buyers.
The $1.21800 is close and I am expecting it will break above. Weekly time frame shows me a clear bullish scenario with a $1.22800 target.
It will take some time for the price to brake above $1.21800 and then to confirm support at that level. That means I am expecting the price to break above and then retrace back to $1.21800 before reaching $1.22800.
The price needs to find solid support before moving higher because the $1.22800 level is not an easy level. It is a level that prevented the price from moving higher two times since the end of last year.
In this situation I am open for bullish opportunities around $1.21800 when the price retrace after the breakout.
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