EURUSD Yesterday’s chart analysis
The bearish engulfing candle took the price a little lower. The price reached $1.17000, a round number where the support is.
After that, a few bullish Pinbar has formed and pushed the price higher to the strong resistance of $1.17406.
The sellers could not push the price down to around support level at $1.16739, but they managed to resist the further move up.
EURUSD Chart Forecast
A candle formation that has formed on the chart consists of a few bullish Pinbar and small candles that do not point anywhere, at least for a strong further move.
The relatively large bearish engulfing bar was not overtaken by bulls which tells me that there could be some problem for the bulls.
For a further move up bulls will need to find more support and more strength to push the price higher. They need to close above $1.17700 on the H4 time frame with strong bullish candles to confirm move up.
Strong support is around $1.16178 level and I am more inclined to see the price at that level or around that level before a further move up.
I am not bullish oriented on the EURUSD for now because of candle formation and the market condition.
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