EURUSD Forecast – Start Of The Bullish Mode

The EURUSD pair managed to break above $1.19000 which turned the market slightly into bullish mode.

After last week's engulfing candle, the pair has found strength to move 100 pips up and reach a key level at $1.20000.

The move last week was not so strong, and the weekly range of 100 pips tells me that the pair had a hard time to move up. Sellers were not willing to give up easily.

Only one bearish candle has formed, on Thursday, but its shape and size tells me that it was only a small portion of traders who got out and cashed their profits.

As I said in the previous week's analysis the price will look more bullish if it closes above $1.19000. Now I can say that the market really looks bullish and I expect the price to reach $1.20800 which is major resistance for the pair.

The weekly chart tells me that weekly close has confirmed future move up because the close is above previous week's close. That means the pair managed to break above key levels, which will open the road for the bulls.

If the price reaches $1.20800 and closes above on a daily time frame, the next big resistance is at $1.21793.

On the other way around, if the price closes below $1.19000 it will open the road to $1.17000. Bearish scenario is really less likely, but if Monday shows some strong bearish sign I cannot rule out a bearish scenario.

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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