EURUSD Outlook
EURUSD Yesterday’s chart analysis
EURUSD has managed to make its way above $1.13427. It has reached a $1.14000 level that was waited for a long time. It has been more than a month since last time when the price was at this level.
After breaking above resistance level at $1.13427 the price pulled back and made a retest of that level. The level acted as a support and the price formed bullish Pinbar. This scenario I have pointed yesterday in my analysis.
The Pinbar was a confirmation of a support level and we could enter at this level. Who entered the trading setup I have sent over email to G-Traders, they have taken the profit.
The price reached $1.14000 very fast after the bullish Pinbar. It took only two bullish candles which shows us that we have strong bullish momentum. The Uptrend channel is broken so we need to find another guideline where the price will move.
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EURUSD Chart Forecast
While the price closed above close of previous H4 candles that reached $1.14000 level I am looking for the future move up. With strong bullish candles that took the price above resistance level I am expecting the price to make a pullback before making higher levels.
The price should pick up more strength to continue making higher levels and that strength could show up around $1.13653. If the price makes a pullback we could see there strength because that level was a high of previous candles that could not break above.
When the price reached that level in the past it was pushed back down. Now that level could serve as a support for further move up.
Have in mind that we had a similar situation a month ago where the price reached $1.14000 level and reversed back down. It took a long time to make its way up to the level where it is 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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