The price has pulled back to the 1.09371 support level and formed a nice bullish engulfing bar on H1 time frame. After that, a pullback happened and a bullish Pinbar was formed . That was clear signal that we can enter into a buy trade.
After that, the price has gone through the resistance line at 1.09860 all the way up to the next resistance area. That area is close to the 1.10373 level which is now the next step bulls have to break.
As we can see, there are strong bull candles that are canceling bear candles which suggest that we could see the price moving more higher.
Today’s EURUSD Chart Forecast
Today we will see will the price make a pullback to the 1.09860 level which now is acting as a support level. The price could make a pullback before trying to break above the 1.10373 level.
EURUSD Chart – Bullish Scenario
To make that scenario possible we need to see some kind of signal that will confirm a further move up. While we had a nice break and a strong bull move we could see the price stopping for a while. Bulls could take a rest before preparing for the next move.
The price could go sideways between these two levels, 1.09860 and 1.10373.
If bulls can find more strength, the next level after 1.10373 is 1.10755.
EURUSD Chart – Bearish Scenario
Bears have lost this game, at least for now. There is no visible strength that they could push the price back down. Their goal should be to bring the price below 1.09371 level in order to make it possible to bring the price down even further.
Until then, bulls are in control and they dictate price movement.
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