EURUSD Analysis Today
Previous EURUSD forecast talked about $1.03920 as a target but the price could not move down from the range in which is currently located. The $1.05087 and $1.05825 range is holding the price.
On Monday the price had opened with a gap and returned inside the range area where the price tried to reach higher levels from there.
The next day price reached $1.05825 resistance and bounced back down forming a bearish pin bar. The Pin bar did not form on the right spot so it was not so significant. It was inside the range area which just confirmed that the range area has locked the price.
In the middle of the week we have a price trying to break outside of the range area above resistance $1.05825 level, but the price returned inside quickly.
The range shows strength of the bulls and bears not allowing the price to break outside.
We have now indecision for the price which must be defined by the breakout on the upside or downside.
The price needs to find the strength to continue moving to $1.06736 resistance on the upper side and to $1.03920 on the downside.
We had this scenario in May where the price had a false breakout on the upside and then moved down reaching low levels. The weekly and monthly levels are still open for downside, but current market overview is not clear to easily define where the price will move next week.
The current support $1.05087 is stronger than $1.05825 as a resistance so this could be a decision factor next week. If we see price getting closer and staying close to $1.05825 it will mean the supply zone above the price is weakening and breakout could be near.
$1.06736 above as a resistance is not so strong, but it acts much stronger as a support which we can see on the chart in the past. But, the confluence of resistance will have a higher impact so we need to pay attention to this if the price manages to break above.
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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 Forex market is not easily predictable and we need to prepare ourselves for a bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.