EURUSD long term outlook neutral until bullish.
EURUSD ANALYSIS:
High at monthly resistance 1.20700
Bullish engulfing on weekly chart at 23% fib level + previous resistance turned support
Target monthly resistance 1.20700 for double top completion or breakout.
If price does not break monthly resistance target price will form a double top and trend will reverse.
if trend reverses we shall see a change in direction to monthly support of 1.07050
if price breaks monthly resistance we should expect a target (fib target) of 1.25091) lining up with weekly resistance of 1.25623 where we saw strong indecision before.
Strong bullish candles on monthly + break of range to the upside observed.
We observe a head on shoulder on the daily chart at monthly resistance 1.20700 and a support at 1.1740 support causing price to push back up
Overall trend is up.
however we are seeing a downtrend intraday
We should see a potential turn at 50% retracement.
Wait for confirmation
High at monthly resistance 1.20700
Bullish engulfing on weekly chart at 23% fib level + previous resistance turned support
Target monthly resistance 1.20700 for double top completion or breakout.
If price does not break monthly resistance target price will form a double top and trend will reverse.
if trend reverses we shall see a change in direction to monthly support of 1.07050
if price breaks monthly resistance we should expect a target (fib target) of 1.25091) lining up with weekly resistance of 1.25623 where we saw strong indecision before.
Strong bullish candles on monthly + break of range to the upside observed.
We observe a head on shoulder on the daily chart at monthly resistance 1.20700 and a support at 1.1740 support causing price to push back up
Overall trend is up.
however we are seeing a downtrend intraday
We should see a potential turn at 50% retracement.
Wait for confirmation
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