EURUSD Outlook
EURUSD Yesterday’s chart analysis
The price has returned back in the indecision area where we need to wait again to see what the price will do.
Last 24h EURUSD pair has done a test of the channel downtrend resistance line and horizontal resistance line. The area where those two resistance lines are crossing is confluence level.
That level has held the price from moving up. The confluence level had many sellers pushing down the price with two large bearish candles.
The formation of candles in the last two days looks like there is a fight between bulls and bears.
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EURUSD Chart Forecast
Downtrend channel and uptrend channel lines that are drawn as blue lines, now are squeezing the price in a narrow area. That could mean we could have a break out somewhere.
Daily time frame shows a bearish Pinbar for yesterday and the price has closed inside the indecision area.
For now it looks like we need to wait Monday to see what the price will do. Taking any side of the market and hoping that the price will move in your way is not a smart thing to do.
Today is Friday where we can see some movements like false movements or movements that are not following the market formation. That also means we could see a breakout.
What to do in the case like we have now?
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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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The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.
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