EURUSD Yesterday’s chart analysis
The price is moving as predicted on yesterday‘s analysis and on Saturday analysis. It is moving at a slow pace and breaking support levels targeting $1.17000.
Yesterday the $1.17842 support level did not hold. when the price reached this support a small pullback happened that did not last too long.
The price could not pull back to the $1.18398 resistance level which tells me that the price is under bearish pressure.
The last bearish candle on the chart has closed below $1.17842 support on H4 level which tells me the price will have an easier way to move further down.
Yesterday the price had 65 pips daily range which goes inline with yesterday’s analysis about how many days it will need to get down to $1.17000.
(Click on image to enlarge)
EURUSD Chart Forecast
If nothing changes on the market, like news with bad news for EUR or news too good for USD, we could see the price moving down.
At this level where the price is now, it will find some buying pressure because this level was hard to break down on August 21 and 27. We can see the price has reversed on those dates from falling down to $1.17000 into a bullish scenario and the price reached new highs, $1.20000.
I am still bearish and there could be some buying opportunities when the price reaches the $1.17000 level. To get into buying order I am waiting for the price to show me that signal before entering into any buying trade.
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