EURUSD Yesterday’s chart analysis
EURUSD did not do too much yesterday except going up and then going down where it started from. The one thing the price has done is close above $1.12366 which is now an important support level.
Strong bearish candle that took the price from the $1.12806 could not close below the previous H4 candle close, but it shows there are sellers who will not allow the price to move up easily. The area where the sellers are is a strong resistance level.
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EURUSD Chart Forecast
The price is still in the range area which spans from $1.11871 to $1.13427. Until the price closes outside the range area we need to wait for a clear signal.
Taking a look at the channels on the chart you can see that we have downtrend on the H4 time frame. We need the price outside that channel to see where the next direction will be.
Candles that are now formed on the H4 time frame shows a picture where the price could go. Strong selling candle from yesterday and current price with downtrend channel and higher low.
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