EURUSD Yesterday’s chart analysis
In the analysis from the last week I said that the market does not look bullish enough to move the price easily up to $1.19000. The market overview shows just that.
The week started with the open price at $1.18395 and closed on Friday with the price at $1.18542. The difference is only less than 15 pips which shows that the price did not change too much and the market could not make a clear direction.
The pip range this week was 80 pips and it means that the price was in the indecision area. The middle of the range area between $1.17000 and $1.19000 is still holding the price from large movements.
The price succeeded to stay in the uptrend channel, but what I can see is that three times, the price reached the $1.18900 level and made a pullback. This level is a strong confluence level of resistance that presents a huge obstacle for the price reaching higher levels.
EURUSD Chart Forecast
I do not want to rule out two bearish Pin Bars on a daily time frame that are formed on the confluence level of resistance. They do not look too strong and convincing so I will wait for Monday to close.
I am expecting the price will try to break above $1.19000, but before doing that it could make a pullback to the area between $1.18150 – $1.18200 which is the current support that held the price two times this week.
That level is the key level for holding the price above current support. If the price breaks this level the price will have a clear way down to $1.17000.
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