EURUSD LONGTERM VIEW- BULLISH
EURUSD SHORTTERM VIEW- BEARISH
EURUSD is approaching support/supply zone on weekly/monthly which aligns well with the bottom of the weekly channel.
Reaching the bottom of the channel/support will also fill the gap we have on the weekly chart from April/May 2017
Important zones I will be watching is ranging from 1.07500-1.0700, 1.05500-1.03500
If price rejects 1.07500-1.0700 area of support, I believe price will head back to 1.1000 support now turned resistance. This will also bring price back to the top of our weekly channel/resistance.
If price breaks weekly channel and stays above 1.1000, I will be looking for my next target around/at 1.1400-1.14500.
But if we reject 1.1000 and the weekly channel resistance I will be looking for price to fall back to support and maybe even lower to the next support zone from 1.05500- 1.03500. rejection of that zone will create a double bottom formation on the weekly chart.
That is when I will be looking for longterm buys, first target 1.14000, and second target being 1.16000
EURUSD SHORTTERM VIEW- BEARISH
EURUSD is approaching support/supply zone on weekly/monthly which aligns well with the bottom of the weekly channel.
Reaching the bottom of the channel/support will also fill the gap we have on the weekly chart from April/May 2017
Important zones I will be watching is ranging from 1.07500-1.0700, 1.05500-1.03500
If price rejects 1.07500-1.0700 area of support, I believe price will head back to 1.1000 support now turned resistance. This will also bring price back to the top of our weekly channel/resistance.
If price breaks weekly channel and stays above 1.1000, I will be looking for my next target around/at 1.1400-1.14500.
But if we reject 1.1000 and the weekly channel resistance I will be looking for price to fall back to support and maybe even lower to the next support zone from 1.05500- 1.03500. rejection of that zone will create a double bottom formation on the weekly chart.
That is when I will be looking for longterm buys, first target 1.14000, and second target being 1.16000