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.
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