FX.co ★ berta.hill | EUR/USD

When looking at the weekly charts for EUR/USD today, it appears that after testing the local resistance level from bottom to top, which is marked at 1.07528, there was a bounce and as a result of the weekly range closing, a bullish candle with a relatively large upper shadow was formed. It is quite possible that next week, given the current scenario, the southern movement may resume, and in this case, I will be focusing on the support level located at 1.06011. Near this support level, there could be two scenarios. The first scenario involves the price consolidating below this level and further southern movement. If this plan plays out, I will expect the price to move towards the support level at 1.05211. If the price consolidates below this support level, I will expect further southern movement, down to the support level at 1.04482. Near this support level, I will expect a trading setup to form, which will help determine the further trading direction. Of course, there is a possibility of targeting a more distant southern goal, marked at 1.02902, but this will depend on the situation and will be influenced by the news flow during the price movement and how the price reacts to the designated distant southern targets. An alternative scenario for price movement when approaching the support level at 1.06011 will be a plan involving the formation of a reversal candle and a resumption of upward price movement. If this plan is executed, I will expect the price to return to the resistance level at 1.07528 or the resistance level at 1.07913. Near these resistance levels, I will continue to search for southern signals, expecting a resumption of downward price movement. In short, next week, locally, I anticipate that the price will be pushed in a southern direction, and the nearest support levels will be tested, and then I will assess the market situation accordingly.