EURUSD Analysis Today
Previous EURUSD forecast talked about $1.07825 as a monthly target and the price has done first step to prevent the price from falling down.
The price started to move up on Monday and it reached $1.05825 resistance level where the price bounced and returned down and closed the day below $1.05087. The price continued to move down, but did not reach $1.03920. That means the bulls have enough strength to keep the price on higher levels.
After that the price continued its move upwards where the price closed the Wednesday above $1.05087 and on Thursday the move continued. The price reached $1.05825 again.
On Friday the price bounced again from the $1.05825, but we need to have in mind that a Friday is the day when traders get out from their trading. So the bulls have gone out and the price dropped slightly.
But, the price stopped above $1.05087 which is confirmed as a support level.
With $1.05087 as a support level we could see a price for a while between $1.05087 and $1.05825 because we have three resistance levels.
We have monthly downtrend resistance, weekly horizontal resistance and daily uptrend resistance. These three resistance levels form a confluence of a resistance that is preventing the price to reach higher levels.
This is one of the reasons why the price could stop for a while between these two levels.
On the bottom side we have $1.05087 support level on a daily time frame and $1.03920 as a weekly support level. Since the price is above $1.03920 we are in bullish mode and the price will try to reach higher levels.
If the price manages to move above $1.05825 it will have an open road to $1.07825 which is the monthly and weekly resistance level. That is a supply zone where the sellers will push the price down and where the buyers will get out from their bullish trades.
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