EURUSD Outlook
EURUSD Yesterday’s chart analysis
Yesterday the price managed to break above the $1.16178 level that was holding the price for almost a day.
When the U.S. trading session started the price found buyers support and closed above strong resistance level.
There were several candles that could not push the price down or up, but at the end of the day there was enough strength to go up. That strength was not as strong as the bullish candle from the previous day.
Yesterday candle formation tells me there were less buyers or there were more sellers than on the previous day.
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EURUSD Chart Forecast
We could see $1.16178 acting as a support at the start of the next week. The reason I am seeing it as that is because of not so strong bullish candles from Friday. So it means the market could look for support for another strong bullish run.
The price has entered into the area between $1.16178 and $1.17406. That will be the next area where the price will make future movements.
$1.17406 is a strong resistance and there we could see some confluence. Sellers could be waiting to push the price down.
If we take a look on the monthly chart we can see the price has reached wedge resistance level. Area around $1.17406 is a confluence area that will cause some problems for buyers.
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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis
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The 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.
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