EURUSD chart analysis
EURUSD pair price has seen some great movement this week. The price has started to sink down below $1.19000 and returned back up next to $1.2000 resistance.
The pair is in the indecision area because strong support $1.19000 has held the price from moving below and $1.20000 has held the price from moving up.
This week has ended almost on the same price as it has started. That tells me that the buyers and sellers did not have the strength to push the price in their direction.
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EURUSD Chart Forecast
As I can see on the chart the price is on the selling pressure in the last two weeks. But the price has come to the support where bulls are strong enough to prevent the price from further falling.
Even the bulls were strong enough to hold the price from falling, the market overview is much more inclined to fall more down.
If the price comes back again to $1.20000 and makes a bearish price action signal it will be a sign the price will move down below $1.19000 support.
That will open the road to $1.17000 which is the lower end of the previous range area from the end of the last year.
To change the market sentiment to bullish I want to see the price close above $1.20800 level which is a key level for buyers.
Until that happens I am bearish oriented and I will look for bearish trading signals.
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