EURUSD Fails To Break the Low.Upside possibility

Rupak Roy PreferForex

According to the weekly view, EURUSD is ranging from some week, it can’t go either side with a solid movement. On the starting of the week, The pair moves bearish but it recovers and closes as a bullish candle at the end of the week. As we show on previous analysis that EURUSD is facing Fibonacci 61.8 levels with having a demand zone. The next demand zone is 1.1000 where there is 70.5 Fibonacci level.

On the daily chart, it’s clearly noticeable that the price tried to break the low at 1.11150 but it failed and rejected strongly from that level. Now the price is heading to the resistance level 1.12650. It is expected that the price will go up to test the level 1.12650. If it can break that levels successfully then the bullish movement will have some strength to go up more and the next target will be 1.14450. But a rejection will make the scenario invalid and if the price can break the low at 1.11150 that will initiate the movement to the level 1.1000.

There are European Parliamentary Elections in this week that need to observe to check the strength of the currency EURO. Observe the pair with those viewpoints to have a clear EURUSD forex signal.

Author

Rupak Roy

PreferForex

Founder of PreferForex, a reference website for FX traders For Education and Market Analysis. Roy holds Electronic and Electrical Engineering Degree. He has accumulated 8 years of forex market trading and deep market analysis knowledge.

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