Weekly chart
Last review
EUR/USD forecast – It is possible to see that the 1.2900 price level is still used as a balance level while the price is checking it on the last three candles back and forth. Breaching of the 1.3150 price level will probably lead the price towards the 1.3486 price level which is a 50% Fibonacci correction of the downtrend marked in black broken line and in addition it is a resistance level. On the other hand, descend of the price under the 1.2910 price level again will probably lead the price to a correction in size of between a third and two thirds, meaning between the 1.2470 and the 1.2740 price levels, of the last uptrend which started on the 1.2042 price level.
Current review for today
EUR/USD forecast – During the last trading week the price has climbed to the 1.3150 price level but did not breach it yet. It is possible to see that the last three candles closed above the 1.2910 support level. Breaching the 1.3150 price level will probably lead the price to the 1.3486 price level which is a 50% Fibonacci correction level of the downtrend marked with black broken line and in addition it is a resistance level. On the other hand, descend of the price under the 1.2910 price level again will probably lead the price to a correction in size of between a third and two thirds, meaning between the 1.2470 and the 1.2740 price levels, of the last uptrend which started on the 1.2042.
You can see the chart below:
Daily chart
Last review
During the last trading week the price has checked again the 1.2824 price level and jumped back up after touching it. It is possible to see that the price did not create a descending price structure yet, therefore the trend is still an uptrend. If the price will continue its way towards above the 1.3070 price level, it will create an ascending price structure again and it is possible that the 1.3172 price level will be its first target. On the other hand, descending of the price under the 1.2824 price level is suppose to send it towards the 1.2750 price level which has two roles, 1- is a 61.8% Fibonacci correction of the last uptrend (blue broken line), and 2- a 38.2% correction of the uptrend that began on the 1.2040 price level (black broken line) and a significant support level.
Current review for today
The price has breached the 1.3070 price level but went back immediately to correct the uptrend started from the 1.2824 price level. Stoppage of the price at the current area and breaching the 1.3172 price level will probably lead the price towards its first target on the 1.3280 resistance level. On the other hand, only breaking the 1.2824 price level is suppose to lead the price towards the 1.2750 price level which is a 61.8% correction of the last uptrend which started from the 1.2500 price level (blue broken line) and in addition it is used as a 38.2% Fibonacci correction of the uptrend started from the 1.2040 price level (black broken line) and a significant support level.
You can see the chart below:
