EURUSD Analysis Today
Previous EURUSD forecast mentioned the price needs to breakout from the indecision are and most likely to the upside.
The price broke out on Monday with a small bullish candle which continued for the next two days.
The price managed to reach the first small supply zone around $1.00570 and then stopped. The price could not close above this level which was an obstacle in the past for the price to move to the upside.
On Thursday the price declined and erased the previous three days bullish pressure. The price stopped on the lower side of the previous indecision range area.
On Friday the price returned back up and again down ending inside the previous indecision area.
For the next week we need to wait for the price to make its way outside of the indecision area like this week.
The market overview now looks much more inclined to break out from this area to the downside. Because Thursday candle and Friday candle shows that there is no bullish strength to hold the price on the higher level.
Bulls could not hold the price on a higher level and when the price returned down they could not close the day above small indecision range. This shows that bulls do not have strength to hold the price on the higher level and it is indication of bears strength.
If we check currency strength meter we can see that USD strength is much stronger than EUR.
If the price breaks out to the downside and the second candle closes below the first candle it will be indication of bearish pressure and price will mode to $0.96716 support level.
If the price returns back inside the indecision range after a breakout to the downside it will be a signal of a false breakout where we can expect bulls rally to the upside.
Would you like to have more detailed intraday analysis on EUR/USD?
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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis
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