EURUSD Weekly Chart

Let's look at the weekly chart of EURUSD and try to understand possible price action. This information will be usefull for trading based on daily and hourly charts. Now the pair reached a very important level 1.05 which reversed the pair 2 times in the past. Some weeks ago we had a new attempt to break this level but it could stop down movement. Will we see price reversal from 1.05? I think yes, because MACD and RSI are bullish and DMI shows range market conditions. We don't have any confirmation for strong down movement. The pair is near the support level and down Bollinger band. This is a good level for opening long trades. Search for entry levels on lower time frames with targets 1.08-1.10. If price breaks below 1.05 and indicators confirm down movement, we'll have to think about entry levels for short trades.