EURUSD Forecast – Price Locked In A Price Range
The EURUSD price has returned to previous low levels where the price range was holding the price for almost two months. The price range is from $1.12645 to $1.13427.
The week started with an indecision candle on the $1.14000 support level and on Tuesday the price was pushed strongly down to $1.13094 support level.
Since then the price has stayed here without too much change in price.
The strong move represents sellers that have started the move since Friday last week where we have a bearish engulfing bar. The current price that did not change too much in three days represents the indecision between bulls and bears.
Bears are strong pushing the price down and bulls have strong support pushing the price up. This indecision has created the previous range and we are again inside of it.
We need to wait until the current range breaks and the market defines future direction. For now I am still bullish because at the current price we have bulls stronger which is shown with the price.
The price did not move down where the previous lows were. But it is holding on the upper side of the price range.
Counting the previous price range that pushed the price up from the current position tells me that bulls will not allow price to drop so easily.
To make the market more bearish I want to see more bearish signals around $1.14000 and downtrend channel resistance. Until that happens I will look for bullish signals expecting to move upwards.
For the bulls I am expecting to make new highs and close following days above price range candles close. That will mean the bulls are picking up and creating base ground for the next leg up.
We could be for the next week in a price range where the price will test upper and lower limits. So, at the current moment it is good to stay out until the market makes a decision.
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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