EURUSD Outlook
EURUSD Yesterday’s chart analysis
EURUSD has fallen down to its strongest support level in this range area. We have a range area that consists of the area between $1.11871 and $1.13427. I was waiting to see if the price came back to the support level at $1.11871 which is the second time in a week’s time frame.
We now have a range area that was touched two times on the resistance, $1.13427, and two times on the support, $1.11871. The price is holding between these two levels.
The wedge pattern that was broken did not fulfill its full potential and push the price above $1.13427. Sellers were too strong on the resistance level and currently there is a fight between bulls and bears.
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EURUSD Chart Forecast
As we can see the price has stalled between $1.11871 and $1.12366. For now as it looks like the price is making some small range from which we will have a breakout.
We could see price making some moves to the first resistance at $1.12366 and to the first support at $1.11871. From there we will see what the price will do. Will the price manage to close above resistance level and continue to move the price up or will it close below where we will have a change in the direction.
There is something on the weekly chart that is worth paying attention to.
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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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