EURUSD Forecast – $1.18000 Pullback

The market did not move too far from the price it started the week, which shows indecision in the market.

We had a week that started with indecision candles for two days and then a bearish candle on Wednesday. That move did not last for too long because on Thursday the price made a bullish engulfing candle and closed above previous day's close.

On Friday the price returned down, but it stopped right on the support level.

What we see here on the chart is the price having a hard time to break below $1.17200 which is nothing strange. Similar scenario was on August 19, when the price broke below support level and returned quickly back above $1.17200.

The Engulfing candle does not look too strong, but formation is on the support level which gives a clue the price could move to the $1.18000 level mentioned in the last week analysis.

So, the small pullback back to $1.18000 is likely and then the price could make another test to break below $1.17200.

I am still bearish oriented and I will look for a $1.18000 bearish signal.

If the market changes sentiment into bullish I need to see the price close above $1.19000 to confirm that.

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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