EURUSD Forecast – Indecision Breakout Needed
Previous EURUSD forecast mentioned price reaching parity and that is what has happened on Monday. The first day of the trading week the price reached parity and on Tuesday it reached $0.99000.
After a strong bearish candle on Monday the price formed four indecision candles representing a fight between bears and bulls.
On Tuesday and Wednesday we can see selling pressure presented as a wick on the lower side of the candles.
On Thursday and Friday we can see wicks on the upper side presenting bullish pressure.
Both bulls and bears are pushing in the their direction, but the last two days shows bulls trying to move the price higher.
EURUSD Chart Forecast
In the next week I am expecting the price to make a breakout to the upside reaching $1.00400 which is above previous candle wicks. This will indicate the price will reach $1.01368 resistance level.
Candle above $1.00400 is the first sign of the indecision breakout where the price currently is. After that we have a confluence of resistance around $1.01368 which will stop the price from moving to higher levels.
From there we need to see will the price return down because of selling pressure or it will stall and try to break to higher levels.
On the lower side we need to see the price closing the day below $0.99000 which is the first step for bears to push the price down. But, this could be a first step of another attempt to return the price to higher levels.
At this moment the indecision should be broken to the upper or lower side before making a correct conclusion which target the price will reach.
More By This Author:
EURUSD Forecast – Price Heading Towards $0.99134
EURUSD Forecast – Pullback With $1.03920 Target
EURUSD Forecast – Indecision Range
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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