EURUSD – Bulls Are Still Holding
Yesterday’s Summary
Bulls have managed to drive the price up even more to the resistance level of 1.09860 despite two long bearish Pinbars. These large Pinbars were not strong enough to push the price back in the range creating indecision in the market.
Since the price has managed to go higher and cross the highs of the bearish Pinbars, it means that the bulls are still in the market.
After reaching the 1.09860 level the price bounced back with a bearish Pinbar and a smaller, inside Pinbar. The price is now holding in close range of Pinbars.
Today's EURUSD Chart Forecast
While the bearish Pinbars have pushed the price back from the resistance level, the first support where it could find bull pressure is around the 1.09550 level and the 1.09220 level. There are lower support levels that could also, make a small impact.
Larger support levels that the price could reach if it continues to fall further is upper side of the range area. This Upper side is from 1.08846 to 1.09028.
EURUSD Chart – Bullish Scenario
While bulls are still in the game, with strength they have shown in the last couple of days, we could see the price moving higher if a bullish price action signal appears around the 1.09371 level.
In order to see the price moving higher, it needs to close on the H4 time frame above the 1.09860 level which was the resistance level that did not allow the price to close above.
EURUSD Chart - Bearish Scenario
For the bearish scenario to be enacted we need to see the price closing below the upper side of the range area, which is below the 1.08846 level. That will suggest that bears could move the price down further.
However, the bearish Pinbars that we had in last few trading sessions could push the price only 10-20 pips which would be a sign that bulls are controlling the climb.
Since the price has hit resistance levels that earlier have pushed the price down, this could suggest that the climbing is done.
To confirm either a bearish or bullish direction we need to see the price closing above or below the levels I have marked on the chart. Until then it is possible to see the price moving up and down inside these levels of resistance and support.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
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