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EURUSD Outlook
EURUSD Yesterday’s chart analysis
Yesterday the price found more buying strength to move up and close above $1.17700.
We have a steep uptrend channel that is driving the price up. Since yesterday’s analysis the price has formed few bullish candles.
One bullish candle has formed right on the confluence level and could not close above $1.17700. Second candle was a bullish Pinbar that formed after making a pullback on $1.17406.
That was a sign for further bullish moves and it was a nice entry point with profit around $1.18000.
Following few bullish candles have taken the price above $1.17700 and for now the price is holding on those levels.
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EURUSD Chart Forecast
We can see the price created inside bar on the support trend line of the uptrend channel. We need to see what will happen on this level.
Is the uptrend channel line strong enough to support the price reaching new highs and pushing the price to $1.18500?
The price is making new highs with small bullish candles. There are no strong candles that would show bullish strength, but small candles are enough to drive the price up.
The next resistance level is $1.18500 where the price could stop. The $1.17406 is a new resistance level that will hold the price from falling down.
Entry EURUSD: If you want to see how to play this scenario join G-Trader
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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