EURUSD Yesterday’s chart analysis
Bears were not active on the market yesterday and the price managed to reach a long waiting $1.15000 level. On the yesterday morning the market was preparing for a move.
We can see a bearish candle that has formed on the uptrend resistance line and push the price down to $1.14373.
From there on the H1 time frame we can see a bullish engulfing bar that was the start of the bullish run. After that bullish candle we have a large H4 bullish candle that has a close above $1.15000. While there is no pullback to $1.15000 after a long bullish candle we see that the market favors bulls.
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EURUSD Chart Forecast
The price does not lose strength and as it looks like the next resistance is around $1.15688. Major resistance that could stall the price is around $1.16178. Until the price reaches that level there could be some pullbacks around $1.15000 and $1.15688.
Since the price is above a strong resistance line I am bullish until the price closes below $1.15000 or reaches $1.16178 level.
The price is currently in the area between $1.15000 and $1.16000 and with a lot of strength to continue to move up.
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