EURUSD chart shows the price behaviour in the previous week. What is visible is the price pullback from $1.21793 to $1.20800 which is the first support level.
It is the first support level after breaking outside of the uptrend channel. The $1.20800 level is a confluence of support so it is not that odd to see the price stopping falling down.
When reaching support level the price bounced back up with a strong bullish candle. Friday took the price down next to uptrend channel resistance which now acts as a support. The fall of the price on Friday we can count as traders moving out from the market and taking their profits.
The daily close of Thursday candle was not above previous daily candles close, $1.21430 level, which is now an important resistance level to break in order to continue moving up.
Second resistance level is previous horizontal resistance $1.21793 which must be broken with daily close above that level in order to see price moving further to $1.22845.
These three levels are now important resistance levels which must be broken to see the price reaching $1.25000.
I am bullish oriented for now until the price is above $1.20000 and until the price reaches $1.25000.
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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