Recently, we saw a significant drop on EURUSD and price after touching the strong support at 1.1660 (Weekly Low) stopped falling and started to retrace.
In the higher time frame (Daily) we can see the bullish candles with upside pressure.
In 4H chart, the descending trend line has been broken out to the upside and price has pulled back to it.
But, there is a resistance level at 1.1750 which price is struggling to fix above it but it hasn’t been successful yet.
On the other hand, the US dollar index ( DXY ) is about to get weak…
So, if price can close a bullish candle above 1.1750 and also breaks the last top at (1.1765 - 1.1770), we can expect a rise first to 1.18 and in the case of an upside breakout on this level, the next target would be 1.1850, otherwise, price will continue falling to 1.16
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
In the higher time frame (Daily) we can see the bullish candles with upside pressure.
In 4H chart, the descending trend line has been broken out to the upside and price has pulled back to it.
But, there is a resistance level at 1.1750 which price is struggling to fix above it but it hasn’t been successful yet.
On the other hand, the US dollar index ( DXY ) is about to get weak…
So, if price can close a bullish candle above 1.1750 and also breaks the last top at (1.1765 - 1.1770), we can expect a rise first to 1.18 and in the case of an upside breakout on this level, the next target would be 1.1850, otherwise, price will continue falling to 1.16
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.