EURUSD Yesterday’s chart analysis
The price reacted to yesterday’s trading session when the London and New York trading sessions were active.
Yesterday’s analysis predicted that we could see bearish movements because of the candle formation. If you did not read the analysis you can do it on in this link: Analysis 16 July.
The price reached the first support level at $1.13700 which is close to $1.13653 which is drawn as a horizontal line.
Before reaching that level the price has returned back to uptrend resistance at $1.14373 which is now confluence level. We have a horizontal resistance line and uptrend resistance line.
From there the price was pushed back down with strong bearish Pinbar which tells me we have strong sellers there.
EURUSD Chart Forecast
Candle formation that we have now after the bearish Pinbar could push the price back to strong support at $1.13427. Daily Pinbar and bearish candles show me bearish strength and the level around $1.14000 is pretty strong to break and hold the price above.
It seems the price needs to find more buyers before attacking the area above $1.14000. That is not odd because the $1.14000 level is a strong level that pushed the price down for several times.
While the price is above the strong support level and candle formations on the daily time frame is showing me bullish orientation I am still bullish until the price closes below $1.13427.
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