Yesterday’s Summary

EURUSD price have only one direction and that is going up. For now, nothing has stopped price reversing back and slowing it down.

Yesterday price have pulled back to support level at 1.11871 after small bearish Pinbar have formed on the chart. That Pinbar was a sign that some buyers are going out and taking the money from the market.

After the pullback, price continued moving up through resistance line at 1.12086 and stopped around 1.13247 level. That level is place where daily trend line cross with horizontal line. We also have break out from the uptrend channel which shows strength of the bulls.

Today’s EURUSD Chart Forecast

We now have again small bearish Pinbar suggesting we could see price pulling back down to the first support level at 1.12086.

Yesterday we had small bearish Pinbar that pushed the price back slightly before moving up. Today could be the same case.

Today is Friday that could cause price moving more down to 1.12366. Friday is the day when traders like to get out from the market and prevent possible loss over the weekend. Doing that, they are protecting profit earned through week.

EURUSD Chart – Bullish Scenario

Bulls are much stronger than bears and as it seems price will eventually touch 1.15000 level.  Before making that possible the price will need to close above 1.14000 level.

After that level price does not have any resistance up to 1.15000.

EURUSD Chart – Bearish Scenario

Bears have tough time moving price down. Bears could find their chance on 1.15000 level that was strong resistance in the past. Last large rally up was stopped by this level so we can expect to have same scenario again.

The Forex market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.