Yesterday’s Summary
Yesterday did not give a clear situation on the market. Price has stalled on the weekly trend line, where the trend line acts as a resistance.
Below is previous resistance which now acts as a support line at 1.11091 level.
Between those two levels, price is moving up and down. Looking at the candles there is no clear situation. I do not see any strength in bulls or bears.
Today’s EURUSD Chart Forecast
We need to wait until the price makes a move and give us a clear direction.
From these points where the price is right now, we should wait for the bulls if they can manage to break the weekly trend line and reach the resistance at 1.11871. If they can do that we could see price making pullback to the weekly trend line and moving further up to 1.12321 level.
Bears have more job to do in order to regain the strength they had in previous weeks. Their first strong support is at 1.10755 level which must be broken before attacking support at 1.09860.
We need to wait for a clear signal and as a first signal would be breaking out from this small range area.
Where the price breakout first, up or down, it could set future direction for the entire week.
The market is not easily predictable and we need to prepare ourselves for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.
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