EUR/USD Yesterday’s chart analysis
EUR/USD is in the range between $1.1725 and $1.19030 for several days. The price has reached a strong resistance level at $1.19000 and buyers did not have enough strength to make new highs.
Current market formation looks bearish. Many bearish candles have overtaken the market. The bearish strength is visible through several bearish black engulfing candles.
Buyers are holding at $1.17000 level, but it looks like there will be a break down very soon. Lower highs on the H4 time frame shows bearish power.
Looking at the daily time frame we can see a bearish Pinbar that suggests a move down. The last three days were bearish so we could see even more black candles in the next few days.
(Click on image to enlarge)
EUR/USD Chart Forecast
The market is mostly bearish oriented, but to confirm future moves down we should wait for the price to close below $1.17000 level.
Current support at $1.17250 will not last for too long. If the price manages to break down the next support where the price will stop is around $1.16178. That level was a resistance level when the price was moving up from $1.14000 and $1.15000 level.
$1.16178 was not too strong a level, but the price could find support around it.
When the EUR/USD enters the range area like it is now it tends to stay inside for a while. If it breaks out from it we could see the price returning inside again.
We can see that the range levels are holding the price for the last few bounces so it means the bears and bulls do not allow the price move outside.
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