EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price reached $1.13427 and even higher than that. The push was from the traders who entered into the market yesterday.

Only one bearish candle was seen yesterday and it was engulfing bar. While the engulfing bar formed in the middle of the uptrend channel I did not put too much focus on it. As you can see it was a false bearish engulfing signal without any backup.

Close to uptrend resistance, the price pushed strongly up through the resistance line which gives me an explanation that the buyer’s strength is strong on this level. We could see the price moving higher after this breakout.

EURUSD Chart Forecast

The price did not close below previous resistance and not that level acts as a support. We need to see if it holds.

A pullback from the small resistance level formed and for now we should wait and see what the price does. We can see that the price stopped and one indecision candle formed. Second candle is bearish, for now, and we need what the price will do in the next few trading sessions.

The price could make a nice price action signal on this support or it could get back in the channel below current support level.

If that happens we need to wait the price to make its way up above resistance level at $1.13427.

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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

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.