EUR/USD Outlook
EUR/USD Yesterday’s chart analysis
From the indecision candles that have formed after large bearish candle that brought the price down to $1.12366, we had a bearish Pinbar right on the strong resistance level, $1.12806.
The Pinbar pushed the price down to support level at $1.12366, and for now, the price is waiting. We have another indecision candles, but now we have bullish Pinbar on the support level and one important thing is that we have broken down through uptrend channel.
Yesterday I have said that I am bullish, but I am not convinced. For now, the statement I am convinced holds because we had a bearish Pinbar that pushed the price down. Now we have indecision candles right on the support level.
EUR/USD Chart Forecast
While we are on the upper side of the $1.11871 I am bullish, so for now I am looking for a signal to buy the pair. The current bullish Pinbar is not a good signal because we have the price out from the uptrend channel and we have bearish Pinbar that formed on the strong confluence resistance level.
As it looks like we could have a Head and Shoulders pattern that is pointing down. Weekly Pinbar that is pointing down.
Too many signals are pointing down against bullish Pinbar. What we can do with the Pinbar is the following.
Entry EUR/USD: If you want to see how to play this scenario join G-Trader
If you want to know how much pips EUR/USD moves each day in a week or how much it moves on London or the New York trading session, you should check this article: EUR/USD Pip Range Analysis.
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