EURUSD chart analysis
EURUSD price has made a break above the resistance at $1.21793. The first intraday resistance level, $1.21430 was the first obstacle for the price. You can see that previous daily candles from the previous week could not close above that level which posed a challenge for the price.
At the beginning of the week the price has stalled at that level. The price returned back to the previous uptrend channel resistance line and then bounced back up. The next day, on Tuesday, the price made an indecision candle, but the candle closed with price above $1.21430.
That daily close was the first step for the price making its move above and reaching the next resistance at $1.21793.
And that happened.
The next day the price moved above with a strong bullish candle. The day after there was another bullish candle that reached $1.22720 level. That price is close to $1.22845 which I have pointed to in the previous analysis.
Friday is a day when the traders usually cash out for that week so the price retraced a little bit. That happened yesterday on the market. You can see a nice bearish candle that pulled the price back down.
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EURUSD Chart Forecast
The next week will be a slow week due to holiday, but I am expecting the price to reach the $1.25000 level eventually.
Before reaching that level the price could find support around the $1.21793 level and then move up.
To make its way up, there are two steps for the EURUSD.
The next resistance will be again on the $1.22845 and after that $1.24000. What we can see is that the price for now does not have any strong resistance except $1.24000 level.
Before reaching $1.25000 the price could look for strong support to make its way up. If it does not find support we could see the price moving sideways. If we get the price moving sideways then we should see the price ranging as we had from the end of July when the price ranged between $1.17000 and $1.19000.
I am still bullish oriented because for now there are no bearish signals that could point the price down.
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