EUR/USD Daily Outlook - Friday, April 24
Previous day's summary
The price have done what we have talked about yesterday's forecast. Price pulled back to 1.08275 and bearish engulfing bar on H1 have triggered move down to 1.07825.
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When the price have reached the 1.07825 level which is daily support line, we have a sharp retrace back to 1.08275. Reason for that was in sellers who have closed their SELL order to take the profit out.
Also, on that support line buyers have jumped in right on the Pinbar which has formed on H1 and on H4 time frame to make money on the retrace. The Pinbar was the bullish signal that was telling us the price will make a possible retrace.
Traders who watched the trading pair could make a nice amount of money on these two price pattern movements.
Todays's Forecast
Today we have a situation where the price have closed on H4 time frame below support line 1.07825. Now we have an open road to next support line at 1.07356.
(Click on image to enlarge)
To get a move down we should wait for the price break from triangle on H1 time frame. If the price breaks down the next support is 1.07356. If the price breaks above we could see price touching previous support and now resistance at 1.07825.
If the price makes retrace back to 1.07825 we should wait for the price pattern to show us will it move down. The price pattern could show up on H1 time frame because the current situation and range for the price is wide enough for H1 price action pattern instead on H4 time frame.
If the price breaks above 1.07825 we can see price moving back to 1.08275 to make a new test on that resistance level. From there we would see where the price plans to move. We could see price making small range before making decision in which direction to continue.
While it is Friday and many traders are closing their positions it is smart not to make a beginner mistake and trade to much because the market could make unpredictable moves.
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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