EURUSD Technical Analysis Forecast – Blog about Forex market

EURUSD Technical Analysis Forecast

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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

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

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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Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.

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