In our previous EURUSD technical analysis, It was expecting a more bearish move towards minimum 1.1750 and maximum 1.14420 after some correction. The market moves exactly according to the expectations but the correction is still pending.
I am sharing 2 different time frame chart analysis report to give a further overview of next possible move.
Weekly Time Frame Chart Analysis
There is still enough momentum in the weekly chart which leads price towards the major support level 1.16300. The price could start correction from the support level 1.16300 but it will confirm once the weekly candle will close.
Closing above 1.16300 will give thoughts for correction and may lead price towards 1.1920 and 1.1200 in case of extension.
Alternately if price fails to bounce from the support level, then we may see the price at 1.14421 and 1.1190 for maximum extensions however the chances of breaking the support is low.
Please have a look at the weekly technical chart below
Weekly EURUSD technical Chart
We will also look for a daily technical chart to get the earliest signal for confirmation.
Daily EURUSD Technical Analysis
The price is falling without giving correction which was not expecting in the previous analysis. The correction is still pending and we will look for a possible bounce from the support level mentioned in the chart below.
Bouncing from the support could take price towards minimum 1.1920 and 1.1200 which is also the next resistance level.
Bouncing from the support will also open the thoughts for ascending triangle formation which will confirm once the price hit the resistance level and fall back again.
If you want to know what is ascending triangle , please click the link
Alternately if price fails to bounce from support then the next bearish target could be around 1.14532.
We will consider the break if weekly or daily candle closes below the support line.
Please see the daily EURUSD technical chart below, I have drawn the possible next movement diagram with expected target levels.
Daily Time Frame Technical Chart
EUR USD SUPPORT & RESISTANCE LEVELS
Support 1: 1.1550
Support 2: 1.14532
Support 3: 1.11900
Resistance 1 : 1.1920
Resistance 2 : 1.2000
We always consider the break , when candle close above or below the price level.
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