EURUSD Analysis Today
Previous EURUSD forecast mentioned price reaching parity and that is what has happened on Monday. The first day of the trading week the price reached parity and on Tuesday it reached $0.99000.
After a strong bearish candle on Monday the price formed four indecision candles representing a fight between bears and bulls.
On Tuesday and Wednesday we can see selling pressure presented as a wick on the lower side of the candles.
On Thursday and Friday we can see wicks on the upper side presenting bullish pressure.
Both, bulls and bears, are pushing in the thier direction, but the last two days shows bulls trying to move the price higher.
In the next week I am expecting the price to make a breakout to the upside reaching $1.00400 which is above previous candle wicks. This will indicate the price will reach $1.01368 resistance level.
Candle above $1.00400 is the first sign of the indecision breakout where the price currently is. After that we have a confluence of resistance around $1.01368 which will stop the price from moving to higher levels.
From there we need to see will the price return down because of selling pressure or it will stall and try to break to higher levels.
On the lower side we need to see the price closing the day below $0.99000 which is the first step for bears to push the price down. But, this could be a first step of another attempt to return the price to higher levels.
At this moment the indecision should be broken to the upper or lower side before making a correct conclusion which target the price will reach.
Would you like to have more detailed intraday analysis on EUR/USD?
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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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