EUR/USD trading pair analysis for today shows us that the price is holding back in the space between daily trend line support and horizontal resistance line.
EUR/USD Chart Friday’s Summary
Friday was a little bit messy where the price jumped up and down. Like I said it is better to stay out because of traders getting out at the end of the week.
If we see EURUSD pip range analysis we can see that the pip range is lower on Friday. That means fewer traders are trading and the market is calming down.
We had a bounce back to the horizontal resistance line at 1.08275 and then bounce back down to the daily support trend line. From there price is holding back from making a move in any direction.
Today’s EUR/USD Chart Forecast
Because of Monday, I like to stay out of the market to see what the price will do. Today we can see that the price is holding back and does not move in any direction for a larger amount of pips.
It means that the price does not have the strength to be moved up or down. Small H4 candles are forming and all of them are inside 20 pips.
EURUSD Chart – Bullish Scenario or Bearish Scenario
I want to see the price closing below 1.07825 if I want to get into SELL order. That will mean the price have more sellers to move the price more down. Price would go to the 1.07356 and later on to the 1.07000 level.
If the price close above 1.09028 we would see price moving higher to the 1.09371 level. Later on, the price could hit the 1.09860 level. To get above range area price will need strong buying power because currently, it is too far from that level.
The market is not easily predictable and we need to prepare ourselves for a bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.
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