EURUSD: Weekly Forecast 1st August 2021
EURUSD broke above a falling wedge as it climbed for 4 consecutive days before facing resistance on the last trading day.
The bullish reversal came about from the bottom of a bigger range as well as a key demand zone at 1.1760 area.
With a strong breakout and reversal from a key level like this, this could already be the beginning of a new short-term bullish trend.
Taking a deeper look, the reversal is due to the completion of a bearish Elliott wave as well as an ABC corrective wave.
As of current, after EURUSD found resistance at the 61.8% of the falling wedge, both highs and lows are clearly getting higher.
This week, we will look for buying opportunities as the beginning, looking for entry from 1.1830 onwards.
If this new bullish trend continues well, it could potentially retest 1.20 psychological level again soon.
The bullish reversal came about from the bottom of a bigger range as well as a key demand zone at 1.1760 area.
With a strong breakout and reversal from a key level like this, this could already be the beginning of a new short-term bullish trend.
Taking a deeper look, the reversal is due to the completion of a bearish Elliott wave as well as an ABC corrective wave.
As of current, after EURUSD found resistance at the 61.8% of the falling wedge, both highs and lows are clearly getting higher.
This week, we will look for buying opportunities as the beginning, looking for entry from 1.1830 onwards.
If this new bullish trend continues well, it could potentially retest 1.20 psychological level again soon.
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