EURUSD Forecast – Breakout Confirmed, Target $1.07825
Our previous EURUSD forecast talked about $1.05825 as a key level for the buyers and $1.07825 as a target.
The price started with a small bullish candle that continued to move the price towards $1.06736. When reached the price bounced from it and returned down, but it did not reach $1.05825 support level.
The price managed to continue to move up and eventually broke above $1.06736. The price moved outside of the uptrend channel and broke its resistance line.
On Friday the price closed the day above $1.06736 resistance line, which opened a door for the price for future move to the upside towards $1.07825.
EURUSD Chart Forecast
The price is now between $1.07825 resistance and $1.06736 support level. The next resistance is at the $1.07300 level that the price reached two weeks ago.
If we take a look at the monthly time frame we can see the price has managed to close above the downtrend channel resistance line. That means the price is free to move up and reach the $1.07825 level.
Weekly time frame shows confirmed breakout above $1.05825 which means the next resistance level is at $1.07825.
And the daily time frame shows breakout above the $1.06736 resistance line, which means the next target is at $1.07825.
With three time frames we can expect the price to move higher and when the $1.07825 level is reached, the retrace could happen towards $1.06700. This is a small support level for the price on a daily and weekly time frame.
If the price manages to break above $1.07825, the next resistance is $1.08846, the next daily and weekly resistance level that price will need to break.
More By This Author:
EURUSD Forecast – Key Level $1.05825 Under Testing
EURUSD Forecast – $1.05825 Is The Key Level For The Bulls
EURUSD Forecast –$1.07825 Is The Monthly Target
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. ...
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