EURUSD Analysis Today
Previous EURUSD forecast talked about price reaching $1.02975 after successful bullish breakout to the upside.
The price started with an indecision candle where the bulls and bears could not take the price to higher or lower levels. Small bullish indecision candle has formed inside the previous candle body.
On Tuesday the price strongly moved down making a breakout from the small range that has formed in the previous week.
It was a small signal the price was ready to move down. But the next day the price returned back inside the range area. It was a false breakout.
On Thursday the price formed a bullish Pin bar which was a bullish signal that the bulls on the $1.01368 acs as a strong demand zone. On Friday the price formed one more indecision candle which closed the week as indecision week.
The price is where it was in the previous week so the goal stays the same. WE need to wait for the price to break the indecision area the range where it is now.
On the upside we have $1.03600 as a bulls target where the price needs to break above $1.02660 to reach higher levels.
We have now a downtrend resistance line that is on the $1.02975 which will make small pressure on the price and prevent reaching higher levels.
If the price manages to break to the downside we need to wait for the confirmation candle on the $1.01368 which will act as a resistance line.
Target on the lower side stays at $0.99134 as a strong support that will hold the price from future move down. At $0.99134 we have a confluence of support which increases the strength of the demand zone that will hold the price from further decline.
Entry EURUSD: If you want to see how to play this scenario join G-Trader
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
Trading Analysis Bonus
I am sharing trading analysis each week.
It is free and if you want to receive e-mail notification, sign up.
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.