EURUSD- Weekly Forecast 6th - 10th May
EURUSD has climbed strongly but got rejected at 1.126 which led it to fall for another 2 days.
However, the dollar plunged and pushed EURUSD up again and the week ended with a bullish candle.
Based on the structure, the price could be forming an ABCD which will be completed within a supply zone at 1.1300.
But just before that, the price should face some resistance by a falling trendline at 1.1230.
So, if the price were to fall at first in the first 2 trading days but managed to maintain above 1.1170, it will provide a good opportunity for a short-term long.
If the price continues to climb at first, we will keep a lookout for a breakout of the falling trendline at 1.1230, and keep waiting for a selling opportunity only when it reaches 1.1300.
However, the dollar plunged and pushed EURUSD up again and the week ended with a bullish candle.
Based on the structure, the price could be forming an ABCD which will be completed within a supply zone at 1.1300.
But just before that, the price should face some resistance by a falling trendline at 1.1230.
So, if the price were to fall at first in the first 2 trading days but managed to maintain above 1.1170, it will provide a good opportunity for a short-term long.
If the price continues to climb at first, we will keep a lookout for a breakout of the falling trendline at 1.1230, and keep waiting for a selling opportunity only when it reaches 1.1300.
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