EURUSD Forecast – $1.21800 With A Bullish Sign

This week was really messy; the price could not stay on one course, but jumped up and down.

The week started with a bullish scenario at the $1.21800 with the target at around $1.22800. Price reached $1.22660 and then reversed back down to $1.21800.

The strong support that I mentioned last week has stopped the price from falling down, but the price formed a strong bullish Pin bar. That was a sign of a strong bullish market scenario which will probably end up reaching new highs.

The price is currently on a strong support where we have a confluence of support levels.

We have an uptrend line which is combined with a horizontal support line and we have a bullish Pin bar formed at the right place.

With these three bullish signals I am very open for a bullish scenario next week.

First target is $1.22800 which is now a strong resistance that must be broken so the price can create its new highs. As the market now looks, I am open to see the price reaching $1.22800 and then retrace around $1.22300 and then breaking higher above $1.22800. The next resistance is at around $1.24000.

I cannot really see the price below $1.21800, but the market can do anything so the first support below $1.21800 is $1.20800. The price could make another leg down before moving higher and that leg could reach $1.21400 which is less significant support

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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