EURUSD Yesterday’s chart analysis
EURUSD has fall down to $1.11871 support and it did not make a move to the upper side. The two H4 Pinbar’s on the support level at $1.12366 did not hold the price and could not push the price to the resistance line at $1.12806.
The price have move down to a strong support at $1.11871 which was holding price on the upper side. This level acted as resistance and when we have said if the price close above we will have bullish scenario.
Now this level is acting as a support and until the price is above, we should look for bullish entries.
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EURUSD Chart Forecast
On the chart we can see falling wedge pattern after long uptrend. This combination makes this wedge as a continuation pattern which means we should see the price moving up. Now, as it looks like we could see the price pulling back to $1.12366 or above to $1.12806 and return back to $1.11871.
If that happens we should wait for the price action signal forming on the support level. If that happens we will have a nice opportunity to enter with small stop loss and with big profit target.
To make that possible we need to wait. Today is a Friday when the market can make false signals, so we should pay attention what happens.
Here is explanation how I will play this scenario.
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