In our previous analysis, we were expecting a bullish movement towards minimum 1.9067, Price moves up but fails to touch its first resistance and reverse back from 1.8550. We have 2 different thoughts for next possible movement. I am sharing weekly and daily time frame technical analysis to give my overview.
Weekly EURUSD Technical Analysis
Price fail to move up in a weekly movement and trading near to its support zone around 1.16400. The volume is still in a favor of the bullish movement. If price moves up and breaks above 1.1855 in a weekly closing, this will be the confirmation for bullish entry and the target could be 1.2000 which is also the resistance level of the weekly and daily chart.
We will look for daily analysis for a close overview and alternative scenario.
Please have a look at weekly EURUSD chart, I have drawn an expected movement diagram with target levels.
Weekly EURUSD Technical Chart
Daily EURUSD Technical Analysis
EURUSD is trading near to its support zone and yesterday closing indicating little bit more bearish move for coming day. The movement above 1.1855 may confirm the bullish pattern and could take price towards 1.2000 level.
Alternately if the price moves lower and breaks below the support line then it will invalidate our bullish thoughts and could open the next bearish level 1.3000, however, the chances for the break of support is lower.
Please have a look at the EURUSD daily technical chart below, I have mentioned to possible movement diagram with target levels.
Daily EURUSD Technical Chart
EURUSD SUPPORT & RESISTANCE LEVELS
Support 1: 1.15544
Support 2: 1.15080
Resistance 1 : 1.18495
Resistance 2 : 1.2000
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