On EUR/USD analysis from Saturday I have pointed that we we could see revers back to the support level.
This is the sentence I am talking about::
While we have H4 Pinbar currently formed at the confluence level we could see price reversing back to the first support level at 1.09371 or even more down to the stronger support level at 1.09028.
The Pinbar signal was strong enough to make a reversal in the market and both support levels have been reached. First support level have stopped fall down with two H4 candles before price continue moving down to the confluence level that consists of H4 trend line and support level 1.09028.
For now the price is moving sideways without clear sign where it will continue moving. We should stay away and wait for the clear signal before making any trade decision.
Today's Forecast
Today we should wait until the price makes a decision where it will go. On Mondays usually the market does not make a clear move. On Tuesday trends are formed and we could see more clear signals to enter into the trade.
Yesterday we could see prices touching the support level 1.08846 which was a previous week's resistance that stopped prices moving higher for some time. Now that resistance could be a hard support that could push the price higher if the price does not manage to break lower, down into the previous week's range.
If the price forms some bullish price action signals we could see the price reaching first support at 1.09371 level. While that support is not to strong based on the previous day's, the price could stall for a short period before moving further up to the 1.09860 support level.
In the bearish scenario we could see prices moving back in the range and from there we would wait for the clear signal where the price will move. It could stall in the range for quite some time before breaking out.
The market is not easily predictable and we need to prepare ourselves for bullish or bearish scenarios. Risk management is crucial in trading so play safe and set stop loss orders.
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