In the yesterday’s analysis I have pointed that the price looks very bullish and there could be possible move up to 1.12366 level.
Price have break out from small consolidation on the confluence level and reached next resistance level. Price managed to break uptrend channel which tells us that the bulls were very strong.
The 1.12366 resistance level is strong resistance that has stopped price from moving higher. That is the level that has shown strength in the past when the price tried to move up.
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Today’s EURUSD Chart Forecast
Current chart shows us that we have strong resistance level where bearish Pinbar has formed. Small bearish Pinbar does not give to much confidence in bearish scenario but we should pay attention to it.
EURUSD Chart – Bullish Scenario
Bulls are controlling the market for now. There are no bear strength that could mess their goal from pushing price higher.
Strong bullish candles over smaller bearish shows us that we could see price more higher. The next resistance is at 1.12806. Current bearish Pinbar could make a small pullback to 1.11871 level where it could find support for further move up.
For a trading decision it is the best to wait until bullish price action signal appears.
EURUSD Chart – Bearish Scenario
Bears do not have power to overtake the market from the bulls. Price is simply moving higher and making small stops or pullbacks before moving further up.
Will this H4 Pinbar bring some bear strength we will see in the few trading sessions.
If the bears could bring the price to 1.11091 level and close below that level we could see some bears stepping in. Until then it is the best to wait for pullbacks and for bullish signals.
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