Daily And Weekly EURUSD Technical Analysis and forecasts. Find out where price is most likely reverse from so you know what to expect and make the right trading choices.
EURUSD Technical Analysis
- looking at the chart below, notice how price hit the resistance zone and has been moving down for about 7 weeks and then has started to rally upward fro the last 5 weeks at least.
- Will the rally last? Well, at this stage, price can go two ways, up or down but whichever direction it goes, there’s the resistance and support zone it has to contend with.
- however, if price head up, then that resistance zone is where profit taking is bound to take place as well as sellers coming in and this can drive prices down and may present selling opportunity.
- However, if that resistance zone is broken and price heads up, then the next zone to content with will be the falling trendline. Should that happen, that will be many months away so not really a big issue in the immediate term.
So what’s happening on the daily chart of EURSUD Then?
Lets have a look:
- price has been in an uptrend for the last 3 weeks at least and you can see that the uptrend structure is not broken yet.
- however if price does come down and break that low see on the chart, then expect price to move down towards the support zone. If that happens, this may present buying opportunity.