The price on Monday has made a first step to make a breakout reaching first resistance level $1.01368 and breaking above with a wick
This was a small signal the price will reach a higher level because the small breakout from the previous week’s small range.
The next week’s target is to break above $1.02975 resistance level.
Because the price is right in the middle between support and resistance levels it is good to wait until the price reaches a lower level close to $1.01368
The price broke out on Monday with a small bullish candle which continued for the next two days.
The price managed to reach the first small supply zone around $1.00570 and then stopped.
For the next week we need to wait for the price to make its way outside of the indecision area like this week.
If the price breaks out to the downside and the second candle closes below the first candle it will be indication of bearish pressure and price will mode to $0.96716 support level.
The breakout was a false one on Tuesday and what usually happens after a false breakout the price moved in the opposite direction.
Friday shows price decline after traders taking profits around $1.01368 who bought the price at the $0.99314 which activated a sell off returning the price down.
Next week we need to see the price above the small downtrend channel resistance line with daily close above which will allow price reaching $1.01368 level.
We can expect bearish candle at the confluence area of resistance with price targeting to reach the upper side of the current indecision area which is around $1.0000. Currency strength meter https://currencystrengthmeter.app/
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On Monday the price formed a bullish candle with daily close above previous day candle close.
This was indication the price is continuing moving in the same direction as the previous week has ended.
The first small support and demand zone that will hold the price is $0.96000 price that acted as a support in the previous bearish attempt to reach lower levels.
From there we can expect the price to return back up and if the bulls are strong enough the price could reach the first supply zone at $0.98300.
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The price reversed from that demand zone and formed a strong bullish engulfing candle that took the price back to downtrend channel resistance line which is a small confluence of resistance with supply zone at $0.98300.
Higher price level where we can expect the price is around $0.99134 which is the first strong resistance for the price.
On a weekly time frame and monthly time frame we have a price in between support and resistance level where a bullish scenario is likely on a short term.
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The price had indecision on Tuesday and Wednesday which shows sellers and buyers strength to move the price in their direction.
This shows a false breakout from the indecision area to the upside so we could expect a move to the downside at least to the $0.96716.
The daily overview shows that the price could return back down to $0.96716 support level, but there is no clear signal that the price has enough strength to move down below this support level.
This means if the price closes below on a daily time frame we will see the price heading down to $0.96000 which is the first support level.
The price formed a strong bullish engulfing bar breaking $1.01368 resistance level.
On Friday the price returned down close to $1.01368 and tested this demand zone as a support and then returned back up and broke the $1.02669 resistance level.
Week ahead will show some price fall to the first support at $1.02669 and probably to $1.01368 as a weekly support level.
The $1.03920 is the zone that will confirm an uptrend for the EURUSD after the price broke outside from the downtrend.
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The price continued its move to $1.02669 on Monday, but since Tuesday the price was forming bullish candles.
The price reached the demand zone around $1.02669 where we have a confluence of support and from there the bulls pushed the price upwards.
The next level for the bulls is at $1.05087 where we have small daily resistance, but the final target is $1.05825 which is the weekly and monthly target.
So, we have almost 200 pips free area to reach from the current level in the next week and then the price could stop because there is stronger resistance in front.
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EURUSD Forecast –$1.05825 is the Key Level for the Bulls
The price started to move up on Monday and it reached $1.05825 resistance level where the price bounced and returned down and closed the day below $1.05087.
On Friday the price bounced again from the $1.05825, but we need to have in mind that a Friday is the day when traders get out from their trading.
With $1.05087 as a support level we could see a price for a while between $1.05087 and $1.05825 because we have three resistance levels.
If the price manages to move above $1.05825 it will have an open road to $1.07825 which is the monthly and weekly resistance level.
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EURUSD Forecast – Key Level $1.05825 Under Testing
The price has started the week with an indecision candle where the price has touched $1.05825 resistance and $1.05087 as a support level.
Now the price is on the support level $1.05825 that should hold so the price can move again on higher levels.
Weekly time frame shows $1.05825 is still not broken on the upside, so we need to wait until the market manages to close the week above.
If the price closes below $1.05087 this will be a sign the price is heading to the demand zone to $1.03920 where the bulls were strongest and where the price could find a base for the next move up towards $1.07825.
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GBPUSD Forecast – Bearish Pin Bar Risk, $1.22000 Key Level
The price started the week with a small bullish candle and ended the week with a small bullish candle which makes the week bullish.
Thursday and Friday candles returned the price higher and closed the week as a bullish.
The price is now inside the indecision area which the price needs to break to determine future move.
With these strong resistance levels the price will have a hard time to break above, but if the price manages to close above $1.22000 level the next target is $1.23000 which is the next confluence of resistance levels on a daily and weekly time frame.
It was mentioned that the price is in between support and resistance level, between $1.07825 and $1.08846, and it needs to move somewhere outside of this range.
The price did not move outside, but bounced between these two levels.
We can expect that the price will have trouble breaking the $1.08846 resistance level because we have a monthly trendline that is making another resistance for the price.
The target after the price break $1.08846 is $1.09100 – $1.09200, which is the first daily resistance before heading to $1.09800.
//----------------- GBPUSD Forecast – Price Heading to $1.24600
The Pin bar formed right on the support level, but the support was without confirmation.
The bearish Pin bar was cancelled with Tuesday’s strong bullish engulfing bar that was a confirmation that the price will see higher levels.
The price is heading to $1.24600 which is the next resistance level.
If the price manages to close above $1.24600 the next target will be weekly resistance level at $1.26000.