The pair managed to break above $1.19000 which turned the market slightly into bullish mode.
After last week engulfing candle the pair has found strength to move 100 pips up and reach key level at $1.20000.
The move last week was not so strong and the weekly range of 100 pips tells me that the pair had a hard time to move up. Sellers were not willing to give up easily.
Only one bearish candle has formed on Thursday, but its shape and size tells me that it was only a small portion of traders who got out and cashed their profits.
The best Harmonic scanner
From $24.99 / month
8 Harmonic patterns
9 Standard patterns
Web based platform
Real time notifications
EURUSD Chart Forecast
As I said in the previous week analysis the price will look more bullish if it closes above $1.19000. Now I can say that the market really looks bullish and I expect the price to reach $1.20800 which is major resistance for the pair.
Weekly chart tells me that weekly close has confirmed future move up because the close is above previous weeks close. That means the pair managed to break above key levels which will open the road for the bulls.
If the price reaches $1.20800 and closes above on a daily time frame the next big resistance is at $1.21793.
On the other way around if the price closes below $1.19000 it will open the road to $1.17000. Bearish scenario is really less likely, but if Monday shows some strong bearish sign I cannot rule out a bearish scenario.
Trading Analysis Bonus
As a bonus I am sending entry ideas.
ONLY for G-Trader members.