EURUSD chart analysis
The price of EURUSD fell down more than previous week where four of five candles were bearish.
The week started with a small bullish Pin bar, but the formation of the Pin bar was not at the right place to give significant meaning. That is why the market continued to fall down on the following days.
On Thursday the price reached previous week low and there was a slight bullish bounce from the $1.18500 level.
On Friday price returned back down below $1.18500 reaching $1.18060 level. Friday ended with a bullish Pin bar with a candle closed above Thursday’s daily close.
EURUSD Chart Forecast
Below bullish Pin bar we have a confluence of support where the trend line is crossing with horizontal $1.17000 level.
The price did not reach the trend line, but I cannot rule that out in the following week.
Even though there is a bullish Pin bar the candle is not at the right place. There is no other technical confirmation to back up the Pin bar.
I will wait and see will the price go down to $1.17000 level and from there see what the market will do.
Currently because of the bullish Pin bar we could see the price moving higher up to $1.19000 and then going back down to $1.17000.
If the price reaches $1.19000 and close above then the next resistance is at $1.20000. And this will be a sign of bullish wake up.
If the price goes down to $1.17000 it will be hard to break the support level, but if it happens then $1.16180 is the next support level.
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