General EURUSD Chart Analysis

[Frano Grgić]

EURUSD Outlook
If you have received my yesterday’s analysis as a G-Trader member, then you have seen that the EURUSD pair have done what was predicted.

The price have made small bullish Pinbar on the strong support at $1.11871 and breakout from the falling wedge pattern. Another point that was clearly stated is that we should wait Monday for the clear signal where the market could go.

Breakout below wedge pattern would confirm head and shoulders pattern, but it did not materialize. The price did what wedge pattern was pointing on. The price breakout above and continued moving up.

 

[Masera]

Thanks for sharing your analysis on EURUSD . Thanks for sharing your analysis on EURUSD .

 

[Frano Grgić]

EURUSD Yesterday's chart analysis

EURUSD after the breakout from the wedge pattern reached first strong resistance at $1.13427.
Yesterday's two strong bullish candles have drive the price very fast to the resistance level which indicates strong bullish momentum after the breakout.
$1.13427 level is now confluence level of uptrend resistance line and horizontal resistance line.

When the price reached the confluence level it pulled back to the first small support at $1.13049.
The confluence level is a strong resistance area which has stopped the price on June 16 and on June 5.

Each time the price have pulled back so it was possible that the price do the same thing.
For now, the price have pulled back, but very little. Only to the first small support at $1.13049.


If you read closely then you can translate this behavior as a bullish power that do not allow the price to make a strong pullback.

 

[Frano Grgić]

EURUSD Outlook
After the yesterday’s analysis, EURUSD has made retrace to $1.12806.
On that support level we had a bullish Pinbar that was indicating the price could move further up. But, the price did not move up and instead it moved down.

Two strong bearish candles have move the price below $1.12806 level and currently is very near second support level at $1.12366.
In the previous day’s this support level was holding price above, so we can expect it will do the same.
It is also the level at which the price have breakout from the wedge pattern.

 

[Frano Grgić]

EURUSD Yesterday’s chart analysis
EURUSD has fallen down to its strongest support level in this range area. We have a range area that consists of the area between $1.11871 and $1.13427. I was waiting to see if the price came back to the support level at $1.11871 which is the second time in a week’s time frame.

We now have a range area that was touched two times on the resistance, $1.13427, and two times on the support, $1.11871. The price is holding between these two levels.

The wedge pattern that was broken did not fulfill its full potential and push the price above $1.13427. Sellers were too strong on the resistance level and currently there is a fight between bulls and bears.

 

[Frano Grgić]

EURUSD Outlook
EURUSD yesterday did not do anything clear that would guide us in some way. Looking at the daily time frame we can see indecision candle. It means the price did not find its way in any direction.

In the H4 time frame we can see the price has done some bouncing between two levels as mentioned in the yesterday’s analysis.

Large wicks on the candles where we have one bullish Pinbar candle tells us that the current area around $1.11871 is filled with buyers that are defending the support area.

 

[Frano Grgić]

EURUSD did not do too much yesterday except going up and then going down where it started from.
The one thing the price has done is close above $1.12366 which is now an important support level.
Strong bearish candle that took the price from the $1.12806 could not close below the previous H4 candle close, but it shows there are sellers who will not allow the price to move up easily.
The area where the sellers are is a strong resistance level.

 

[Frano Grgić]

EURUSD Outlook

Yesterday's analysis was pretty close to the scenario that happened on the market.
EURUSD has tested the support level around $1.11871.

After testing the support level a nice bullish Pinbar has formed that pushed the price back to the resistance level at $1.12366 and where the price has stalled for the last few days.
After the bullish Pinbar we have a strong bullish candle that has engulfed the previous range of small H4 candles.
That move suggests the price could go higher if the price manages to close above $1.12366.

 

[Frano Grgić]

EURUSD has managed to break above from the small indecision area that was mentioned in yesterday’s analysis.

After a few indecision candles the price have fallen down to support level at $1.11871. The price formed a nice bullish Pinbar that had a long wick and a body inside an indecision area.

This formation of a Pinbar shows the behaviour of the market. The price has looked to break somewhere. The break was heading down, but the majority of traders did not allow the price to close below the indecision area. The close was again inside that area which pointed to the price having a false break down.

After the bullish Pinbar the price moved up and closed above indecision and touched an area near resistance level at $1.12806.

After the break above and the strong bullish candle we have a small pullback visible as a small bearish candle. After that, a small indecision candle has formed.

Currently we are waiting for the price to make a move.

 

[ogma]

Anyone catch a short on EUR/USD this morning? Positive news for the dollar combined with breaking my trend line was great confirmation for a short.

 

[Frano Grgić]

EURUSD Outlook
The price has returned back in the indecision area where we need to wait again to see what the price will do.

Last 24h EURUSD pair has done a test of the channel downtrend resistance line and horizontal resistance line. The area where those two resistance lines are crossing is confluence level.

That level has held the price from moving up. The confluence level had many sellers pushing down the price with two large bearish candles.

The formation of candles in the last two days looks like there is a fight between bulls and bears.

 

[Frano Grgić]

Anyone catch a short on EUR/USD this morning? Positive news for the dollar combined with breaking my trend line was great confirmation for a short.

From my side, no.
I am still bullish on EURUSD until I see price close below $1.11871.

 

[Masera]

Thanks for sharing your analysis. very helpful for all. thanks

 

[Frano Grgić]

Friday did not offer too many movements and the price stayed where it was at the beginning of the day. The price did not break below the confluence level to test the previous strong support level at $1.11871.

Confluence level of support consists of horizontal support and channel trendline. The price has squeezed and did not close below which was a sign it will be hard to break below.

The start of the week has formed a breakout from the indecision area near the support confluence level.

 

[Frano Grgić]

EURUSD has broken out from the wedge pattern and from the downtrend channel.
The price has risen up to the strong resistance level at $1.13427 which is the resistance level that price is trying to break since June 16.

This is the third time the price is trying to break out further up, but for the third time the price is pulling back.
This time the pullback is a small pullback. Only to the first small support at $1.13409.

If I take a look on the candle formation, I can see that there is no strong bearish signal.
Bullish candles are taking over and the price could move further up.

 

[Frano Grgić]

EURUSD has broken out from the indecision area that I have mentioned in yesterday's analysis.
The break out took the price down to the first support area at $1.12806.

Strong bearish candle has formed after the few indecision candles. That strong bearish candle stopped at the support channel line.

This was a retest of the channel trend line after it was broken.
If we see a nice bullish price action signal here we could see the price heading up.

The H1 time frame shows few bullish Pinbar which is a sign of bullish strength.
Few candles on H4 time frame could not close below the large bearish candle which means there is no strength to push the price down.

 

[Frano Grgić]

The price has been making indecision candles in the area where several candles did not manage to close above or below which would open direction for the future movement.
From yesterday's analysis it took two more candles to break out, in this case break above, where one large bullish candle took the price all the way to resistance at $1.13427.

If you move to H1 time frame you will see there are many small bullish Pinbar's that pointed that the price could move up.

That area where the price was filled with buyers preparing for the move.
And when the move happened, the price moved very fast and very high.

Now, the price has stopped on the resistance level and is looking for further move up.

 

[Frano Grgić]

Yesterday was a day when we had a breakout from the uptrend channel. As was said in yesterday’s analysis and in the email I have sent to G-Traders, if the price breaks out we need to wait for the pullback and retest of the uptrend channel resistance line that is acting as a support.

Second line was a horizontal resistance line at $1.13427 which is strong resistance and that could make a hard way to break above.

The price broke out and made a pullback, but the breakout was a false breakout. This trap took many buy orders and activated stop loss where the price returned back in the channel.

The price has returned inside the range area I have talked about in June. That range area expands from $1,11871 up to $1.13427.

 

[Frano Grgić]

The price still does not have a clean direction even after breaking above the resistance line. As we can see the Friday has offered us only a reversal back into the range area.

A false breakout from the uptrend channel and above resistance line was short lasting. After two H4 trading sessions we had a price returning back to the channel.

Strong bearish candle took the price down to the indecision area which we had at the start of the week. That strong candle has lost its power and following three H4 candles showed us that we will see some change.

That change appeared as a strong bullish candles. First strong bullish candle that pushed the price from the indecision area and second two candles pushed the price up. That push up was with the last bullish strength so the price pulled back.

 

[Frano Grgić]

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.