EURUSD made a decent rebound at the beginning of the week but lost momentum throughout the week.
It is notable that every attempt to climb higher was rejected but at the same time, the bears were not strong enough.
In fact, both the highs and lows are getting higher day by day, and every daily candle closed with a bullish body.
Therefore, we shall stick to our initial forecast that EURUSD will continue to pull back towards the equilibrium level at the psychological level of 1.20 before any notable selling can happen.
And should the price breaks and closes above 1.20, it should be able to reach 1.21 effortlessly, and this is what we will be focusing on this week.
However, if the bull loses its handle, the next important level will be 1.18, right at the bottom of the symmetrical triangle
It is notable that every attempt to climb higher was rejected but at the same time, the bears were not strong enough.
In fact, both the highs and lows are getting higher day by day, and every daily candle closed with a bullish body.
Therefore, we shall stick to our initial forecast that EURUSD will continue to pull back towards the equilibrium level at the psychological level of 1.20 before any notable selling can happen.
And should the price breaks and closes above 1.20, it should be able to reach 1.21 effortlessly, and this is what we will be focusing on this week.
However, if the bull loses its handle, the next important level will be 1.18, right at the bottom of the symmetrical triangle
