EURUSD Forecast – Key Level $1.05825 Under Testing
Previous EURUSD forecast talked about $1.05825 as a key level for the buyers and $1.07825 as a target.
The price started the week with an indecision candle where the price touched $1.05825 resistance and $1.05087 as a support level.
On Tuesday the price formed a strong bullish candle that broke $1.05825 resistance level and monthly resistance line. This breakout allowed the price to reach the $1.07300 level that was mentioned in the previous week's analysis.
From there the price formed a bearish engulfing candle because the sellers had entered into the market and the bulls exited their trades with profit.
This move returned the price down to the $1.05825 support line.
EURUSD Chart Forecast
Now that the price is on the support level $1.05825, that should hold so the price can move again on higher levels.
The price is on the previous confluence of resistance and now that area is acting as a support.
Monday will show what will happen. Will the price stay above $1.05825 and prepare for the next move towards $1.07825 or it will close below and target $1.05087 support level?
Weekly time frame shows $1.05825 is still not broken on the upside, so we need to wait until the market manages to close the week above. Until then we need to wait for the price to stay above $1.05825 on a daily time frame or it will move down to $1.05825. Weekly time frame suggest further move up, but we need confirmation on a daily time frame.
Monthly time frame still shows a potential move to $1.07825, but we have two weeks ahead where the price needs to find more bullish strength to move upwards.
If the price closes below $1.05087 this will be a sign the price is heading to the demand zone to $1.03920 where the bulls were strongest and where the price could find a base for the next move up towards $1.07825.
More By This Author:
EURUSD Forecast – $1.05825 Is The Key Level For The Bulls
EURUSD Forecast –$1.07825 Is The Monthly Target
EURUSD Forecast – $1.05825 Is The Next 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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