EUR/USD – Week 16 – Pullback needed.
In our previous analysis, we correctly forecasted that the price will reach the resistance area that we highlighted last week.
For this week, we expect this bullish move to lose some steam and start a pullback that can push the price towards 1.18 level. Another possibility is that we may continue to rise towards the orange trendline where we have a strong resistance area.
corrective move to pullback and continue towards the resistance area highlighted on the chart. There is a possibility we may test the orange trendline, but it’s early days.
Keep an eye on Thursday’s ECB Interest & Deposit Rate decision as it may impact the pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
For this week, we expect this bullish move to lose some steam and start a pullback that can push the price towards 1.18 level. Another possibility is that we may continue to rise towards the orange trendline where we have a strong resistance area.
corrective move to pullback and continue towards the resistance area highlighted on the chart. There is a possibility we may test the orange trendline, but it’s early days.
Keep an eye on Thursday’s ECB Interest & Deposit Rate decision as it may impact the pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: stop reached
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