EURUSD Forecast
EURUSD chart analysis
After breaking below $1.16187 in the previous week, the price made a small pullback to $1.16187. That pullback was in the form of a small bullish candle which did not close above.
The next day we had price falling down which was a sign of bears and confirmation of previous support now as a resistance.
The fall down was not large because downtrend channel support is close and $1.15462 is a small support level. Those two combinations stopped the price from falling further down.
EURUSD Chart Forecast
The week had no strong moves and small bearish candles shows the market is in slow pace. That means all support and resistance levels will have a role in the market. And the price stopped right on one of those small supports.
Indecision candles right on the crossover of horizontal support and downtrend channel support gives a small clue that bulls are not taking over. And that is because bulls need much more strength to move the price higher.
That bullish move could happen on the $1.14748 level which is a strong support. At that level the sellers could get out from the market and allow the price to make a pullback up.
Possible sell entries are around $1.16187 if the price action signal appears as a bearish Pin bar or a bearish engulfing candle.
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Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
