EURUSD Outlook
EURUSD Yesterday’s chart analysis
The range from $1.17094 to $1.19030 is still holding the price. EURUSD has formed a bullish engulfing bar on the daily time frame right on the lower level of the range area.
The engulfing candle shows that the bulls are still holding and not allowing the price to move down. Two candles after strong bearish candle did not close below bearish candle close which shows us there are no bears strong enough or the bulls are stronger than bears.
Current market overview shows us a consolidation which the price needs to exit from in order to make further move.
Last consolidation was in June which lasted over a month. Will this be the same scenario we need to wait and see what the market will do on the range area boundaries.
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EURUSD Chart Forecast
If we take a look on the H4 time frame we can see the price is on the short term resistance around $1.18000.
If the price closes above the $1.18000 level we could see price testing the upper level of the range area. On the upper side we would see where the price would go.
When the price is inside the range area there are two options where it could go.
If we have break down the price has first support at $1.16178 and if the price breaks above the first resistance is at $2.0853.
We can see the price is inside upper trend lines and there is space to move sideways before reaching trend line support. On the trend line support level we have a confluence level of support where the price could find more buyers to push the price higher if the price does not find support earlier.
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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis
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The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.
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