EURUSD Yesterday’s chart analysis
In the previous analysis I have pointed out that the two things can happen.
- the pair could reach $1.19000
- and then make a pullback to $1.18200.
Both points were realized last week in just one day, on Monday.
The price did not stop at the $1.18200, but it broke through the uptrend channel support line. It stopped at the $1.17500 level and bounced back to the uptrend channel support line.
It seems that the range area between $1.17000 and $1.19000 is still holding the price from moving up or down.
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EURUSD Chart Forecast
Since the price broke below the uptrend channel support line and it bounced back to the same level I am now open to sit and wait.
The reason is that the price is in the middle of the range area and it stopped at the uptrend channel support line.
I do not see strong enough bullish candles that could point a move back to $1.19000.
Last week bearish candles seemed much stronger which tells me that there are sellers still waiting to prevent the price from moving higher.
I am more open to waiting for the price to reach the $1.17000 level and from there look for bullish opportunity.
I am still bullish oriented because the price is above the $1.17000 level and weekly market overview looks bullish.
If the price manages to break below $1.17000 I will see if the market looks bearish before entering into the trade.
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