EURUSD Yesterday’s chart analysis
The EURUSD has continued to move down and the price reached first support below $1.19000 which was mentioned in the yesterday analysis.
The first support is $1.18398 which is a support confluence. At this level, we have an uptrend support line that crosses the horizontal support line.
At this level, the price stopped and made two bullish Pinbar. Those two bullish Pinbar did not provide too much support for the price because the price is trying to move further down.
The big move down from yesterday was during the European trading session when the large bearish candle has formed. The U.S. trading session did not back up the European session and the price stalled.
(Click on image to enlarge)
EURUSD Chart Forecast
As the market condition looks like we have a bearish scenario where the price cannot find strong enough support to back it up for move up. Sellers are in control and what we can see is that the daily Pinbar formed two days ago is giving its results.
The price is moving down and the next support level where it could find support is at $1.17842. This level has been a support for the price last week as we can see on the chart.
There we could see some pullback back to $1.18398 resistance.
As we can see the stronger move down can be during European or U.S. trading session. While the price has broken below the uptrend support line we could see very soon the price reaching the next support level.
While the price has reached the inside range area and strong bearish signals are controlling the market I am bearish oriented until the price reaches the $1.17000 level.
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