The EURUSD is consolidating above the last week’s high of 1.1375
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.1500
Min. 1.1275 |
Having breached strong resistance at 1.1375, the price corrected back to the level for re-test. The barrier is now acting as key support.
Volatility has decreased in the past few days. Volume divergence indicates weakening bullish trend. In a short run there’s a possibility of corrective pullback.
To confirm the pullback, bears have to break and hold below 1.1375 support. The breakout will open the way to the ascending trend line at 1.1275.
Alternative scenario: long consolidation above the 1.1375 support will trigger continuation of the bullish trend from the current levels.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!
The EURUSD is consolidating above the last week’s high of 1.1375
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.1500
Min. 1.1275 |
Having breached strong resistance at 1.1375, the price corrected back to the level for re-test. The barrier is now acting as key support.
Volatility has decreased in the past few days. Volume divergence indicates weakening bullish trend. In a short run there’s a possibility of corrective pullback.
To confirm the pullback, bears have to break and hold below 1.1375 support. The breakout will open the way to the ascending trend line at 1.1275.
Alternative scenario: long consolidation above the 1.1375 support will trigger continuation of the bullish trend from the current levels.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!