General EURUSD Chart Analysis

[Frano Grgić]

As planned in the previous analysis the price reached $1.13000 and bounced back up.

Week started with price heading down and entering into the range area.

If the price makes a breakout to the upside it should close above $1.14000 to start looking for bullish entry levels.

This will mean the price has strength to break two resistance levels which could be indication for a breakout above $1.14748.

 

[rrrbagde]

EURUSD had bull run just in few four hour sessions where the price have reached resistance level.
That level is hard to break up and price formed two bearish Pinbar.

Daily time frame is showing bearish Pinbar. All those signals suggest we could see price moving down to the range area support level.
View attachment 7943

Eurusd bear

 

[numan211]

EURUSD had bull run and price formed two bearish Pinbar.

 

[stevengoodman]

Thanks for your updated chart analysis - learning more every day

 

[Zem93]

Nice. Thank you is not easy to find for free,,,,,,,,,

 

[Frano Grgić]

In the previous two weeks the price is in bearish mode without any signs of recovering in the short term.

We had one bullish Pin bar on the support level at $1.10755 which was a confluence of support where horizontal support line and downtrend channel are crossing.

We can expect next week to see the price even lower than we have seen this week.

And the reason is the situation inside Europe where the Euro currency is losing its strength.

This is visible on the currency strength meter which shows EUR strength is very low. It shows the strength of the Euro that is losing strength against all other currencies.

Image source: Currency Stregth Meter

When the price reaches $1.07825 we can expect the price to retrace and return back to $1.08846.

Even if the market is in a bearish scenario we could see a bullish reaction on the strong support level. If the price does not retrace from the $1.07825 we could see the price heading down to $1.06736 which is also strong support for the price.

 

[Frano Grgić]

On Monday the price continued to move down and reached an area of supply close to $1.07825 and bounced up.
The move up was more retrace than a bounce because the price has reached all two levels I have mentioned, $1.07825 and $1.09860.


The reason is in the demand zone close to support $1.07825 which had lots of buyers waiting to enter into the market.
On the move up the price stopped on the confluence level of resistance where horizontal resistance $1.10755 and downtrend channel resistance line are crossing.

We can look on the chart and find levels with strong influence on the price and levels with weak influence.

Strong levels are $1.10755 on the upper side and $1.07825 on the lower side.
Weak levels are $1.09860 on the upper side and $1.08846 on the lower side.

The price is in the middle of the weak levels and since the market is in the bearish mode I am targeting lower levels this week.
The reason is the weak EUR currency and relatively strong U.S. dollar. This is confirmed by the currency strength meter below.

Source: Currency Strength Meter App

The final target is $1.07825 because it is the strongest support the price has in front of it.

 

[AyandakingV]

On Monday the price continued to move down and reached an area of supply close to $1.07825 and bounced up.
The move up was more retrace than a bounce because the price has reached all two levels I have mentioned, $1.07825 and $1.09860.


The reason is in the demand zone close to support $1.07825 which had lots of buyers waiting to enter into the market.
On the move up the price stopped on the confluence level of resistance where horizontal resistance $1.10755 and downtrend channel resistance line are crossing.

We can look on the chart and find levels with strong influence on the price and levels with weak influence.

Strong levels are $1.10755 on the upper side and $1.07825 on the lower side.
Weak levels are $1.09860 on the upper side and $1.08846 on the lower side.

The price is in the middle of the weak levels and since the market is in the bearish mode I am targeting lower levels this week.
The reason is the weak EUR currency and relatively strong U.S. dollar. This is confirmed by the currency strength meter below.
View attachment 20007
Source: Currency Strength Meter App

The final target is $1.07825 because it is the strongest support the price has in front of it.
View attachment 20008

WHICH time frame is the best for anylize

 

[Frano Grgić]

WHICH time frame is the best for anylize

Daily time frame because you have much better signal and you have more time to analyze. Thus you have less time needed to sit in front of your PC.

 

[Frano Grgić]

On Monday the price made a bullish candle with a large wick on the upper side next to $1.09860 resistance.

On Thursday we can see the price making new highs and closing the day above $1.10755 resistance level which is a strong signal.

Because the price has broken above a strong confluence of resistance and managed to close the day above we can prepare for a bullish market scenario.

If the price creates a bullish price action signal on the $1.09860 that will be a bullish signal for entering into the market.

The bulls goal is to break above $1.11871 to secure further move up because that is the level that was holding the price from falling.

 

[Frano Grgić]

If we check previous analysis we can see I have mentioned several things.
First one is that we could see the price returning back down to $1.09860 which is support for the price. A
nd the price has done that.

The price formed a bullish Pin bar on Tuesday which was a signal to enter into the market.

How the previous week ended the price suggests further decline because each day has closed below the previous day.

The price is squeezing and we could see strong moves when the price broke outside.
On the down side we have a $1.09860 support level and then targeting $1.09000 level.

 

[akashihieu1289]

I hope EU will run down in the next week , Thanks your sharing

 

[Frano Grgić]

Monday was the day when the market made a decision where it will move for the whole week.
We can see a bullish Pin bar formed on Monday on the $1.09860 support level.

Thursday ended as a bearish engulfing candle which closed below $1.10755 support level. That was a sign the price will move further down

We have a $1.09860 support level as the next support level where the price is heading

$1.09860 is the target for the next week which will be the decision level for the bears and bulls

 

[Frano Grgić]

In the EURUSD previous analysis I have mentioned the price is targeting $1.09860 and the price done that.

And if the price breaks below that price we could see the price heading down to $1.08846 if the $1.09860 is broken.

On Friday the price broke below even more and almost reached $1.07825 which was mentioned in the previous analysis as a potential target if the price breaks below $1.08846

Because the candle on Friday closed below the previous day's candle close I am inclined to see the price even more down.

The final target for the price is at $1.07825 which is strong support for the price.

We can see currency strength meter shows USD strength weaker than previous week so this is a signal that we should take into consideration.

 

[Frano Grgić]

The price reached the target from previous analysis where I was talking about $1.07825.

Tuesday was the day when the price broke below $1.08846 which was a signal the price will move to the next support level, $1.07825

Since we have a strong demand zone around $1.07825 which made the price bounce up on Thursday we could see the price making a retrace from the current support level.

If the price manages to break below we should wait for the retest with daily price close below this level.

That will be the first step to move down to $1.06736 support level.


If we check currency strength meter we can see that USD gained on strength which suggest price should move more down .

 

[Frano Grgić]

Previous week analysis talked about price having a hard time to break below $1.07825 after moving down to the demand zone.

After reaching the lower level of the demand zone price reversed and moved upwards touching the supply zone around $1.08846.

On Friday price followed bearish Pin bar signal and closed the day below previous daily candles.

The next target is 100 pips away, support level $1.06736.

$1.06736 is a slightly weaker support than $1.07825 was, so we can expect if the price continues to move strongly down to break this support more easily than it was this week.

 

[Frano Grgić]

Previous week analysis talked about price moving down for around 100 pips and 300 pips in the long term.

The price has reached both targets in four days.

Next week we can expect some retrace for EURUSD after strong selling pressure last week.

Most likely the price will reach $1.06736 resistance or $1.07388 which should be the next target.

 

[andengireng]

EURCAD today as we see here, the price is in bearish trend, so it is good for you if you just follow the trend, you can open sell position when the price breaks middle area 1.3506 with potential target up to support area at 1.3390

 

[Frano Grgić]

Previous EURUSD forecast talked about price making a retrace to $1.06736 and the price retraced, but only to $1.06410.

Thing is that the price is now in the indecision area where we need to wait for a breakout.

Next week we need to wait for the price to break out from this range.

$1.05825 is the first target for the bulls that must be broken and retested to verify the breakout.

 

[Danfox]

Does it really work? How do I use it?