Weekly EUR/USD analysis

Posted On 04 Jan 2020

EURUSD is in a bullish trend. Last week’s low is very important for the continuation of the bullish trend. EURUSD has so far been making higher highs and higher lows. In order to reach our 1.1280 target we need to see price stay inside the bullish channel.

Red lines -bullish channel

Orange rectangle -major support

EURUSD is in a bullish trend. The orange rectangle area where the low of last week is found should hold if bulls want to continue to be in control of the trend. Staying inside the bullish channel is crucial. So bulls do not want to see price break below 1.1120-1.11. Resistance is at 1.12-1.1235 and breaking above it will open the way for a move towards 1.13. However it is possible that we have a sideways move this coming week before moving higher. The RSI has still not reached overbought levels and I believe there is still room to the upside for EURUSD.

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Source:: Weekly EURUSD analysis

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