EURUSD Forecast and Technical Overview
EURUSD crossed the stiff 100-day moving average (MA) and closed well above 1.15300 yesterday, confirming an upside break of the two-month-long trading range of 1.12-1.15.
Dovish comments from the FED members and FOMC minutes triggered the bullish breakout.
The pair is trading at 1.15600 as of writing, above the key 1.15300 support. The bullish move will continue as long as it stays above 1.15300.
On the upside, the targets of the pair will be 1.15900 1.16250 and 1.16570.
Technically midterm target of this rectangle pattern is 150-200 pips. After a potential breakout of 1.16250, it is likely to test 1.16800.
From the “trend following” point of view, personally, I do not see any reason to buy EURUSD. I will look for selling opportunities. Only the firm closings above 1.18500 would confirm the end of the midterm bearish trend.
Short term technical readings are bullish and potential pullbacks towards 1.15300- 1.15100 can be used as buying opportunities.
Any intraday trade opportunities will be published for the members.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
EURUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility