EUR USD EOW update and target for next week.
Daily/Weekly bullish close.
On daily chart we got the following:
Daily/Weekly bullish close.
On daily chart we got the following:
- Price/RSI div - same as the last time - 1150 - 1400 - last time produced a 250 points move
- projecting same move to current low 0900 + 250 = 1150 - valid target for bulls next few weeks
- Bear TL broken on daily (see red lines)
- Overall, bullish outlook
- Elsewhere - retail is 90% NET short EURUSD - more gains likely
- November/December - strong seasonal period for EURUSD based on past 10 years of history
However, primary direction is still DOWN, but next 4-8 weeks I expect gains.
Conservative target for bulls is 1150, aggressive target is 1200.
Immediate target for next week is 1100. Recommended strategy is buying early next week with a tight stop loss (10-20),
near market open, unless there's a gap down (which is not likely at this stage).
Comments, questions, let me know. Have a nice weekend, traders!
If you like the analysis, feel free to upvote it!
PS: below is the daily price chart of EURUSD with my TA
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