EURUSD chart analysis
In the previous week forecast I have mentioned that the pair could make a retrace back to $1.21793 which happened already on Tuesday.
The price retraced back strongly and formed a bullish Pinbar. The Pinbar shows us that the market is still backed up with strong buyers waiting on the support level. The $1.21793 level is a confluence of support.
With the strong support it is not strange to see the price bouncing strongly. After Tuesday the price has made a strong move down which is a sign that this area, from $1.21793 and $1.22845, will be where the price needs to breakout from.
As the price has returned back to support level it has stayed there for the last two days. And the main reason is a December holiday, Christmast, where traders are not trading a lot.
Friday has ended with almost the same open and close price. It was an indecisive day when the market did not have too much action.
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EURUSD Chart Forecast
While we have a price in a possible range area we could see the price ranging in the next week. It is the week when we have another holiday, New Year, and traders will trade less. As a result of less activity the price could remain in the range.
The support level where the price now is will hold the price from moving down. There could be candles with lows around $1.21600 level which could be potential entry levels for the future move up.
I am still bullish oriented on EURUSD and I am expecting the price to reach $1.25000. As it looks the price will not reach that level this year as I have expected. There was a similar market scenario I have written about in this analysis where the price has reached $1.25000 in one month.
But, the market is moving steadily to the upside. The resistance levels are $1.22845 and $1.24000 which will hold the price from reaching $1.25000.
I wish you merry Christmass and stay safe.
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