EUR/USD: $1.01368 Confirms Uptrend Support
EUR/USD
-0.29%
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The previous EUR/USD forecast talked about $0.99134 as a breakout decision, and if the price manages to close above, it will mean the price will continue upwards.
The week started with two bullish candles reaching higher levels. Those levels were $1.00850, which was also the previous attempt at high levels. From there, the price returned down, testing the $0.99134 as a support level, and moved strongly to the upside.
The price formed a strong bullish engulfing bar breaking the $1.01368 resistance level. On Friday, the price returned down close to $1.01368 and tested this demand zone as a support and then returned up and broke the $1.02669 resistance level.
This week. The price broke two resistance areas which show the strength of the euro.
EUR/USD Technical Forecast
In the week ahead, the price could fall to the first support at $1.02669 and probably to $1.01368 as a weekly support level. These two support levels are critical, and $1.01368 is more important for the buyers.
If the price stays above and forms a strong demand zone, it will try and break the $1.03920 resistance and supply zone. This monthly, weekly, and daily supply zone will be hard to break.
EUR/USD price chart.
The $1.03920 zone will confirm an uptrend for the EUR/USD after the price breaks out of the downtrend.
Currently, the price is in an uptrend but close to the indecision level at $1.01368 for the bulls. If we see a price below this level, it will be in the neutral zone, and we will need to wait until the price defines a trend.
For now, we should pay attention to the buying opportunities around $1.01368 unless the price breaks down to this level.
