EURUSD Friday’s chart analysis
The price still does not have a clean direction even after breaking above the resistance line. As we can see the Friday has offered us only a reversal back into the range area.
A false breakout from the uptrend channel and above resistance line was short lasting. After two H4 trading sessions we had a price returning back to the channel.
Strong bearish candle took the price down to the indecision area which we had at the start of the week. That strong candle has lost its power and following three H4 candles showed us that we will see some change.
That change appeared as a strong bullish candles. First strong bullish candle that pushed the price from the indecision area and second two candles pushed the price up. That push up was with the last bullish strength so the price pulled back.
Get Access to the Same “New York Close” Forex Charts
I am Using in My Analysis
EURUSD Chart Forecast
The current price is above the indecision area which is good to see. That means the price did not stuck in the indecision area where we would need to wait for a breakout.
We have a strong and large bearish Pinbar that suggests moving down, but we need to take this Pinbar with a grain of salt, because it was Friday when this Pinbar formed. That means it could be a false signal due to traders exit from the market.
That exit could be cancelled at the start of the trading day on Monday. While the price is above $1.12806 I am bullish and I will look for bullish signals.
For now I am waiting for the price to get out from the range area and to move towards $1.14000 and $1.15000.
Trading Analysis Bonus
As a bonus I am sending entry ideas.
ONLY for G-Trader members.