EURUSD Yesterday’s chart analysis
The price is on a slow pace heading down since yesterday when the market opened. It is still inside a small range between $1.18398 and $1.17842, but the price has managed to break below 4H trend line support.
After the breaking the trend line support the price formed a bearish Pinbar with the retest of the trend line support. The retest with bearish Pinbar is a sign for the price that bears are stronger and we could see the price moving down.
We now have two support trend lines broken down, daily and 4 hour, which tells me that the price is heading down.
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EURUSD Chart Forecast
On Tuesday the market tends to create a trend where it will move for the next few days.
The next step for the price is to break below $1.17842 support level which is the lower level of the small range area.
Based on the EURUSD pip range analysis which shows around 80 pips on average on Tuesday and Wednesday, that tells that the price could reach $1.17000 level in the next two days. If there are no obstacles for the price we could see the price reaching that target.
While the price has a support level in front that must be broken and that could hold the price for a while, the target could be reached this week.
First step is to wait for the price to close below $1.17842 on the H4 frame before making a conclusion on that the price is moving to $1.17000.
If the price reaches the $1.17000 level we could see the price bouncing while the support level is the level that is holding the price above since the end of July.
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