EURUSD Analysis Today
Previous EURUSD forecast talked about $1.05825 level the price could reach and the price reached price level $1.05400 which is close to the weekly resistance level.
The price formed a bearish Pin bar on a Monday and the price returned back down close to $1.02669 which is daily support level. The price did not stay for too long because the demand zone around $1.02669 pushed the price up on Wednesday with a strong bullish candle.
The price closed the day above $1.03920 which was a confirmation of a previous week breakout to the upside.
For the next two days the price formed bullish candles that took the price above $1.0500 which gives a bullish momentum confirmation that the price is on the rise.
We have monthly, weekly and daily time frame suggesting the price will continue to move up. We have a monthly time frame that has closed the month above $1.03920 which is a monthly resistance. This move predicts future move to the upside and the next target for this month is $1.07825 as a next resistance for the price.
When the price reached $1.07825 we can expect the price to return down and make a retrace. The retrace could reach $1.05825. On a monthly time frame we can see a downtrend resistance line that is around $1.05825 so this could be a critical level for the price. If the price stays above on a monthly time frame it will be a good sign for the bulls.
Weekly time frame and daily time frame suggest the same levels in the coming week. The price needs to break above $1.05825 to confirm monthly prediction, but that breakout to the upside could happen next week.
Bearish scenario for the price is not in the plan for now because the price has strong bullish momentum that does not show weakness. So, if the price stays above $1.03920 the price is in the bullish run and it will reach higher levels.
If the price returns below $1.03920 that will mean the bulls are losing strength.
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