EURUSD Yesterdays’s chart analysis
EURUSD has broken out from the wedge pattern and from the downtrend channel. The price has risen up to the strong resistance level at $1.13427 which is the resistance level that price is trying to break since June 16.
This is the third time the price is trying to break out further up, but for the third time the price is pulling back. This time the pullback is a small pullback. Only to the first small support at $1.13409.
If I take a look on the candle formation, I can see that there is no strong bearish signal. Bullish candles are taking over and the price could move further up.
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EURUSD Chart Forecast
The small pullback without a strong bearish signal suggests to me that the price could move up. It could try to breakout above $1.13427.
Currently, the price is in the indecision area where we have a pullback with few inside candles. As it looks like the price is squeezing between a few candles in a small area. This could mean the bulls are consolidating and preparing for another try.
Since the price is very close to the resistance level it will not need too much power to get to that level so there will remain enough strength to breakout.
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