EURUSD Is Targeting 1.25000; History Could Repeat

The market week behind us has done a huge move forward. The price has done two things I have mentioned in the previous week forecast.

The price:

  • Made a pullback to $1.18150 – $1.18200 area
  • Bounced back above $1.19000

EURUSD managed to break above the 4 months range area ($1.17000 – $1.19000) that started at the end of July.

On Monday the price made an indecision candle when the pullback happened. Since then the price has made only bullish candles, but those candles were nice bullish candles.

Only on the $1.19000 level the price created an indecision candle which was broken to the upside on Friday.

The daily candle has closed above the $1.19300 level which was a crucial level because that level had stopped many candles in the past from moving further up.

Weekly candle has closed way above other weekly candles which opens the EURUSD pair to reach new highs.

EURUSD Chart Forecast

First high is around $1.20800 where the price will probably stop and make a pullback. This level acted in the past as a strong resistance. On the chart it is visible that the uptrend channel resistance line is making a confluence of resistance at that area together with the horizontal resistance line.

The pullback is expected to reach support around $1.19000 which is now confluence of support.

I will wait for bullish opportunities on the pullbacks. The first opportunity is when the price reaches the $1.2000 level and makes a pullback. The pullback could reach the $1.19500 level where I will look for bullish price action signals on H4 time frame.

Long term overview is I am seeing the price reaching $1.25000.

I have made Pip range analysis on a monthly basis which is visible on the chart. The chart shows that the EURUSD is having around 500 pip range in December. If we take this information into calculation the price could reach this level in one month.

Interesting Fact

Here is one interesting thing from the daily chart.

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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 ...

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