EURUSD long term forecast, how to trade EURUSD next?
First, you must know that EURUSD is at a weekly/daily resistance level. This can be illustrated with a simple trend line! As seen below on this EURUSD weekly chart:
Next, it is good to understand which price patterns and or candlestick patterns that are currently recurring (Something we often point to, here at MastersTradingAcademy)
Here, I thought the patterns where looking better on the M15 time frame, hence the use of this time frame over another one. Price breaks up and reached a new high.
In summary, my forecast is that either the weekly resistance will hold and we will see that EURUSD once again keeps falling, in which case the patterns above are not useful but instead, we need to look for new patterns or use the ones based on Daily and H4 time frame as previously established when EURUSD was moving down. If price however moves further up, my next upper target is 1.12390-1.12400 as a long term target. In that case, we will most likely be able to use the breakout patterns as seen on the M15 above. See you next week with a new forecast!