The aim mentioned in last week's projection, which the EUR/USD achieved on Monday, was $1.03920. The significant bearish candle reached the demand area near $1.03820. When the price was in the supply zone around $1.07825 the previous week, we saw two powerful bearish candles that started a strong bearish feeling.
The demand at approximately $1.03920 turned out to be a sturdy base from which the price could not fall any lower. On Tuesday, the price made an upward pullback, but selling pressure caused a downward correction and a wide wick.
On Wednesday, the price made an attempt to climb higher, but selling pressure once more held the price lower with a wide wick. This changed on Thursday as the price rose and broke over the resistance level of $1.005087 under the influence of bullish pressure.
The resistance line in the uptrend channel, which is also a confluence level of resistance with $1.05825 as horizontal resistance, is where the EUR/USD paused. We received an indication that bullish pressure was intensifying every day because every day's closing candle was bullish.
However, $1.03920 remains the aim for the coming week when looking at the weekly and monthly time frames. The next support level at $1.02975 becomes a more plausible target to be reached by the end of the month, even though it will be the third time the pair touches that level.
It is very likely that the price will attempt to break below $1.03920 if it closes below that level the following week.
We may anticipate the price to rise from the $1.02975 support level, which is a monthly and weekly support level. It will be a good starting point for a quick BUYING opportunity.
