EURUSD - Weekly chart
In the last 3 weeks the rate was growing up after a strong decline last month. It reached the downtrend line and was blocked at the level of 1.3345, which corresponds to the middle of a large bearish candle formed few weeks ago. Further upward movement is now blocked by the downtrend line and resistance at 1.3450. The nearest support is at the uptrend line and level of 1.3115. |
| EURUSD - Weekly chart |
EURUSD - Daily chart
The rate maintained its course between the broken downtrend line (dashed line) and the newly plotted trend line (solid line).It did not manage to brake over the current consolidation. Last candle was bullish, but a long upper shadow and lack of breaking above the consolidation is not inviting for opening the long trades. Furthermore stronger upward movement is also blocked by the higher time-frame downtrend line and strong resistance around 1.3450 (weekly chart). The closest resistance is at 1.3355 and support at 1.3275.
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| EURUSD - Daily chart |
EURUSD - H4 chart
The rate is consolidated in the range of 1.3275 - 1.3360.
Recently, a few candles with long upper and lower shadows have been formed. Rate bounced down from the upper consolidation limit, but stronger decrease was stopped at the moment.
If the rate will break the downtrend line it should fall to 1.3275. It is the closest support. Breaking it down will give the signal to the fall to the level of 1.3245 and further to 1.3215. In the 1.3175-1.3215 zone we should expect some upward correction - here comes the support zone and the uptrend trend line of the higher time frame. In the upcoming week I expect breaking down and movement towards 1.3215 level.
Alternatively, if the rate remains bullish enough to break over the 1.3385 you should consider buying with the 1.3425 as the target.
Recently, a few candles with long upper and lower shadows have been formed. Rate bounced down from the upper consolidation limit, but stronger decrease was stopped at the moment.
If the rate will break the downtrend line it should fall to 1.3275. It is the closest support. Breaking it down will give the signal to the fall to the level of 1.3245 and further to 1.3215. In the 1.3175-1.3215 zone we should expect some upward correction - here comes the support zone and the uptrend trend line of the higher time frame. In the upcoming week I expect breaking down and movement towards 1.3215 level.
Alternatively, if the rate remains bullish enough to break over the 1.3385 you should consider buying with the 1.3425 as the target.
Trade recommendation:
Sell after closing below 1.3275 Take profit level: Target : 1.3215 Buy after closing above 1.3385 Take profit level: Target : 1.3425 |
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