EURUSD looks to go up in the coming week. This is expected to happen on Monday.
Hello my dear traders. I hope you are doing well in this weekend. It is time to get back to work. So I am now going to show you what might happen in the coming week for EURUSD.
In today’s analysis, we have used the trend-lines and support & resistance lines for our analysis. So you need to draw those lines first in the chart to identify the price direction. We also teach Forex trading. So if you have no idea on how to draw those lines on the chart, we can teach you.
So let’s look at the EURUSD chart now. There is a downward trend in the daily and weekly chart. But current price actions show that the EURUSD is losing its downward momentum. So we can look for upward movements.
The above is the 4 hour chart for EURUSD. We can clearly see that the price has broken the bottom support line. But the price has not established under that line. And also it is hitting the trend-line and getting rejected. So we can expect the price to go down a little and then go up. You can see it in the 1 hour chart also.
You can see that the price continuously tried to hit below the bottom red line and failed. And the hit on the trend line gives us a confirmation to buy. But it will not happen immediately as the main trend is going to reverse. So you can buy the currency pair early in Monday morning. But to get more profits, it will take around 24 hours.
You can wait until you get confirmation. Good luck! Post your ideas in the comments section and I will reply soon.
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