Saturday, May 8, 2021 11:39 AM EDT
The week has ended with the price of the EURUSD pair close to the $1.21800 level, which is now resistance for the pair. The resistance area around $1.21800 was active two weeks ago.
The $1.20800 breakout to the upside back then it was short lasting because the price returned down immediately next week.
Now the price has found support on the $1.20000 which was also a nice support two weeks ago.
The week has ended clearly above all candles from the previous two weeks and it ended with a strong bullish candle.
What I can see now on the market we have a tight situation because the price could not close above $1.21800. The market has buyers strong enough to break above because of two strong candles in the last two days.
Two candles were enough to wipe out all bears from the last two weeks.
Looking the past week the price slipped down to $1.20000 and then quickly returned back up. That means the buyers are holding $1.20000 level and the price will not easily go down.
The price managed to come up to $1.21800 level and it stopped there without retracing which tells me buyers are stronger than sellers.
I am expecting the price to go down around the $1.20800 level and find support for the next attack upside. The next target is $1.22000 which is strong resistance that prevented the price from stabilizing to make a next move to $1.25000.
$1.20800 was broken which means buyers are stronger than sellers and selling opportunities are not in my focus for now.
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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