EURUSD – Friday, Day Of Uncertainty

Yesterday’s Summary

I have pointed yesterday that we could see small bounce between 1.09860 and 1.10373 levels. That has happened and price bounced for two H4 trading session.

After that price had a very strong move up to the next resistance level, 1.10755. That level is also area where horizontal resistance and trend line cross. That cross makes a stronger resistance level.

That move is showing us how the bulls are strong this week. After reaching that level bulls have stopped.

The reason is pretty clear.

Bulls are cashing out for the end of the week and also for the end of the month. Few small candles of indecision have stopped the market and it tells us we do not have bulls or bears in charge.

The chart does not show any bear strength that could move the price down so we could see another bull run. Will it be strong as in the last two days or just a small push we will see today.

(Click on image to enlarge)

Today’s EURUSD Chart Forecast

Today is Friday and it is a day when I do not want to trade too much. Mostly I do not trade but it can happen that I see the pretty clear signals when I use the opportunity and enter the market.

From this point, the price has a chance to reach the next resistance level at 1.11091 if bulls can find strength.

There is also a chance we see price pulling back to the support level 1.10373 if the bulls move out from the market.

If the price reaches any of those two levels today, we should watch for the price action signal. If the signal appears next to those two-level, bullish, or bearish signals, we could see the price moving to the next support or resistance level.

For a bullish case, if the price reaches 1.10373 level and makes a bullish price action signal the next level would be 1.11091 and 1.11619.

For the bears, we need to see the price making bearish signal on the 1.11091 where the price could go back to 1.10373 and 1.09860 level.

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 ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.