Technical Analysis By Real Forex MM

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EURUSD might break 1.2000

EURUSD the most traded currency pairs in the world. This pair represents the world two largest economies and has faced most volatility since the establishment of the euro in 1999. EURUSD ended the week trading at 1.1838. EURUSD has able to close the weekend above the psychological mark of 1.1800. If we look at both H4 and D1 time-frame, EURUSD has bounced twice from the key support at 1.1780 area.

Also price is ranging between 1.2000 to 1.17800. The pair is getting strong trendline support and might retest the 1.2000 again for the coming weeks. Also the recent comments of European Central Bank officials about the strong EUR, could help the bullish sentiment for EURUSD at least in the near-term. All eyes will be on the next week ECB monetary policy statement that gonna release on coming Thursday this week.

As you can see on Daily chart, long term scenario is still bullish. The next resistance is at 1.1850 and strong support is seen at 1.17800. The move above 1.1850 will drive the price towards the next resistance of 1.1900 and 1.2000 respectively. On the other hand, if the price breaks the support below 1.17800 and closes the day below 1.1780 will remove the bullish scenario and price will test the next support 1.1700.

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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.

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