EURUSD Yesterday’s chart analysis
EURUSD has fallen down to $1.11871 support and it did not make a move to the upper side. The two H4 Pinbar’s on the support level at $1.12366 did not hold the price and could not push the price to the resistance line at $1.12806.
The price has moved down to strong support at $1.11871 which was holding price on the upper side. This level acted as resistance and when we have said if the price close above we will have a bullish scenario.
Now, this level is acting as a support and until the price is above, we should look for bullish entries.
(Click on image to enlarge)
EURUSD Chart Forecast
On the chart, we can see a falling wedge pattern after a long uptrend. This combination makes this wedge a continuation pattern which means we should see the price moving up. Now, as it looks like we could see the price pulling back to $1.12366 or above to $1.12806 and return back to $1.11871.
If that happens we should wait for the price action signal forming on the support level. If that happens we will have a nice opportunity to enter with small stop loss and with big profit targets.
To make that possible we need to wait. Today is a Friday when the market can make false signals, so we should pay attention to what happens.
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