EURUSD chart analysis
EURUSD chart shows the price behaviour in the previous week. What is visible is the price pullback from $1.21793 to $1.20800 which is the first support level.
It is the first support level after breaking outside of the uptrend channel. The $1.20800 level is a confluence of support so it is not that odd to see the price stopping falling down.
When reaching support level the price bounced back up with a strong bullish candle. Friday took the price down next to uptrend channel resistance which now acts as a support. The fall of the price on Friday we can count as traders moving out from the market and taking their profits.
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EURUSD Chart Forecast
The daily close of Thursday candle was not above previous daily candles close, $1.21430 level, which is now an important resistance level to break in order to continue moving up.
Second resistance level is previous horizontal resistance $1.21793 which must be broken with daily close above that level in order to see price moving further to $1.22845.
These three levels are now important resistance levels which must be broken to see the price reaching $1.25000.
I am bullish oriented for now until the price is above $1.20000 and until the price reaches $1.25000.
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