EURUSD Analysis Today
Previous EURUSD forecast mentioned the price could reach $0.96000 which is small support and demand zone. The zone where the price could stall.
The price reached that demand zone and stopped, but it reached lower levels in the next two days with reversal.
The price reversed from that demand zone and formed a strong bullish engulfing candle that took the price back to downtrend channel resistance line which is a small confluence of resistance with supply zone at $0.98300.
On Friday the price did not return down closing the day close to $0.96716 support level which indicated the strong bullish momentum that is holding the price on higher levels.
Friday sell off where traders are going out did not return the down which is the second signal we have that the bulls have taken the market and will target higher price levels.
Higher price level where we can expect the price is around $0.99134 which is the first strong resistance for the price. It is a level where the price will need to close the day above to break that resistance and take the price to higher levels.
We have a downtrend channel where the price could enter and where it will stall for a while to make a breakout to the upside.
On a weekly time frame and monthly time frame we have a price in between support and resistance level where a bullish scenario is likely on a short term. That means on the weekly time frame.
Weekly market overview shows the price could return up and reach $1.00600 level which is a supply zone for the price. It is a zone where the bulls had a hard time a few weeks ago to break above and change the market overview.
Monthly time frame is showing we could see a price on a lower level close to $0.94861.
With daily, weekly and monthly overview we can see that daily and weekly analysis shows bullish momentum and monthly shows bearish. So, we can expect in the next week we should see prices reaching higher levels than it is now.
Would you like to have more detailed intraday analysis on EUR/USD?
To learn how to draw support/resistance levels and analyze the multi time frame charts?
Entry EURUSD: If you want to see how to play this scenario join G-Trader
If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis
Trading Analysis Bonus
I am sharing trading analysis each week.
It is free and if you want to receive e-mail notification, sign up.
The Forex market is not easily predictable and we need to prepare ourselves for a bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.
0 Comments