EURUSD In The Middle Of Range Area

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Nov 14, 2020 at 9:37 AM EST

Last week bearish candles seemed much stronger which tells me that there are sellers still waiting to prevent the price from moving higher.

In the previous analysis I have pointed out that the two things can happen.

the EURUSD pair could reach $1.19000
and then make a pullback to $1.18200.

Both points were realized last week in just one day, on Monday.

The price did not stop at the $1.18200, but it broke through the uptrend channel support line. It stopped at the $1.17500 level and bounced back to the uptrend channel support line.

It seems that the range area between $1.17000 and $1.19000 is still holding the price from moving up or down.

Since the price broke below the uptrend channel support line and it bounced back to the same level I am now open to sit and wait. The reason is that the price is in the middle of the range area and it stopped at the uptrend channel support line. I do not see strong enough bullish candles that could point a move back to $1.19000.

Last week bearish candles seemed much stronger which tells me that there are sellers still waiting to prevent the price from moving higher.

I am more open to waiting for the price to reach the $1.17000 level and from there look for bullish opportunity.

I am still bullish oriented because the price is above the $1.17000 level and weekly market overview looks bullish.

If the price manages to break below $1.17000 I will see if the market looks bearish before entering into the trade.

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