Saturday, January 30, 2021 9:31 AM EDT
This week the price of EURUSD has made a bounce down to the first support at $1.20800. The price took three days to reach the support which means bulls were strong enough to hold the price on the upper side.
On Wednesday the price reached support confluence level at $1.20800. It did not stay for too long. The uptrend support line has held the price from falling below.
On the same day the price bounced back up, but it took the whole Thursday to make a new base for future move up.
On Friday the price managed to move up, but it could not make a move up to the resistance line at $1.21793.
The market shows bullish sentiment where the price has followed the uptrend channel. The price needs to break above $1.21793 to make its way up to $1.22845.
In the next week I am expecting the price to break out fromt this small range. If that happens and the price closes above $1.21793 on a daily basis the price will move towards the $1.22845 level.
If the price manages to move down, below $1.21793, we can expect the market to change its bias and become bearish. That is less likely in this market overview, but we should not exclude that option.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
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Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
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