This week has shown indecision in the market where the first few days the price did not show clean direction.
The week started with one indecision candle which then followed with a bearish Pin bar on Tuesday. That Pin bar suggested that the bears are not allowing the price to move up. Resistance around $1.21793 has held the price from moving up.
On Wednesday we saw a continuation of bears strength, but it did not last too long. A support around $1.20000 has prevented the price from falling further down. With the support of bullish traders the price has changed the direction and ended the week above $1.20800.
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EURUSD Chart Forecast
The Friday candle did not close above previous days candle high which does not confirm the strength of the buyers.
If the price could close above the $1.21280 price it would mean the buyers have succeeded to break above the wall that is preventing the price from moving up.
The next resistance at $1.21793 presents a larger resistance for the price because in the earlier days the level has shown strength.
Bears are holding the price below this level, but also the buyers are holding the price above $1.20800.
These two levels represent a range area where the price is bouncing back and forth.
If we take a look at the chart since the start of 2021 year we can see a bullish flag pattern that has formed and that has been broken to the upside in the previous week. This means we could see the price moving higher from this price.
The first level the price needs to break is $1.21793 to see it moving higher.
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