Friday, December 1, 2023 9:15 PM EST
Image Source: Pixabay
Video Length: 00:08:04
The EURUSD has bounced from the 1.09860 which is a strong resistance level on the monthly time frame.
The price bounced and reached first support at 1.08846. Here we have a bullish Pin bar on the demand zone suggesting the price should move to the upside.
But we have a candle price close below the previous candle close and open from the previous week. This is suggesting a potential move down.
The important level for the price is 1.08800 on the daily time frame. If the price closes on Monday below that level we will see the price dropping down to 1.08400. This is the first support for the price.
The weekly time frame shows a bearish engulfing candle which means the price will move down. The target is 1.08000.
If we take into conclusion daily and weekly time the price will likely move down to 1.08000 next week. But I will wait for confirmation on Monday when the day ends and the candle closes below 1.08800.
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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. ...
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