General EURUSD Chart Analysis

[Frano Grgić]

EURUSD has managed to make its way above $1.13427. It has reached a $1.14000 level that was waited for a long time. It has been more than a month since last time when the price was at this level.

After breaking above resistance level at $1.13427 the price pulled back and made a retest of that level. The level acted as a support and the price formed bullish Pinbar. This scenario I have pointed yesterday in my analysis.

The Pinbar was a confirmation of a support level and we could enter at this level. Who entered the trading setup I have sent over email to G-Traders, they have taken the profit.

The price reached $1.14000 very fast after the bullish Pinbar. It took only two bullish candles which shows us that we have strong bullish momentum. The Uptrend channel is broken so we need to find another guideline where the price will move.

 

[Frano Grgić]

The price reached new highs on yesterday's trading session when the London and New York trading sessions were active.

New high at $1.1451 is reached, but the price did not stay too long.
At that price we can see indecision candle which is broken with strong bearish candle.

The indecision candle is on the uptrend channel breakout and the market has decided to bring the price back inside the channel.
The price has stopped at the previous resistance at $1.14000 which is now support.

Will it hold the price until buyers step in and sellers step out? We should wait and see.

 

[Frano Grgić]

The price reacted on yesterday’s trading session when the London session was active. The price has moved higher to the previous high. The previous high is the $1.14373 level which is high on Thursday and Wednesday trading day.

That level was reached at the same time on each day. That is when the London and New York trading session are active. Yesterday the price stopped at that level and a small bearish candle formed which lasted until the market closed.

What we can see on the chart yesterday is that we have a bullish end of the week.

 

[qqq]

Interesting... wow. Someone who does actually share useful stuff

 

[Frano Grgić]

Saturday's analysis had several good points that were predicted correctly.

The price pulled back on Monday open and the area near $1.14000 was reached. After that the price had another run to the uptrend resistance line.
Confluence of resistance lines at $1.14373 was too hard for the price to break above, so the price pulled back again to the $1.14000 area. From there we can see the price formed strong bullish candle.
That was a sign that bearish candle has found buyers at it will not break below $1.14000.

If we take a look at the H1 time frame we can see that there is a nice bullish Pinbar that indicates the price will move up.
It was a nice entry signal with very low risk.

That bullish candle is holding buyers above $1.14373 and it is ground for new small bullish candles that are making new highs near the uptrend resistance line.

 

[Frano Grgić]

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.

 

[Frano Grgić]

The price has made a new high. A $1.16000 level was reached.

Yesterday market behaviour shows us that we had a small pullback to the area near $1.15000 and from there we had a strong bullish candle. That bullish move drove the price to $1.16000 level where the price found a resistance.
This scenario with the pullback I have announced in G-Trader email news.

The bullish candle move was during the London trading session when the European traders were active.

After reaching new highs the price pulled back to the first support level at $1.15688.

 

[Frano Grgić]

The price has made a new high. A $1.16178 level was reached.

Yesterday market behaviour shows us that we had a small pullback to the area near $1.15343 and from there we had a strong bullish candle. That bullish move drove the price to $1.16178 level where the price found a resistance.
This scenario with the pullback to $1.15500 I have announced in G-Trader email news.

The bullish candle move was during the London and New York trading session when the European and U.S. traders were active.

After reaching new highs the price made a small pullback, but it returned to $1.16178.

 

[Frano Grgić]

Yesterday the price managed to break above the $1.16178 level that was holding the price for almost a day.

When the U.S. trading session started the price found buyers support and closed above strong resistance level.

There were several candles that could not push the price down or up, but at the end of the day there was enough strength to go up. That strength was not as strong as the bullish candle from the previous day.

Yesterday candle formation tells me there were less buyers or there were more sellers than on the previous day.

 

[troiz-trader]

this is scary.....EUR is increasing during this last period. And we don't know till when. Maybe you could give a hint....

 

[Frano Grgić]

The price could not make a move higher in the last two H4 trading sessions. That means bears have found some strength and buyers are losing strength.

A support where the price could stop from falling is around $1.16739. I am not anymore bullish oriented as I was in the last few days.

Current level is a strong level and we have a monthly resistance line from the wedge pattern I have talked about in the last analysis.

This strong resistance could stop the price from moving higher, at least easily moving. We could see a pullback from this current level to the first minor support. Later on we will see what the price tells. Will it continue to move down or it will find support and look for new highs around $1.18500.

 

[Frano Grgić]

A candle formation that has formed on the chart consist of a few bullish Pinbar and small candles that do not point anywhere, at least for a strong further move.

Relatively large bearish engulfing bar was not overtaken by bulls which tells me that there could be some problem for the bulls.

For a further move up bulls will need to find more support and more strength to push the price higher. They need to close above $1.17700 on the H4 time frame with strong bullish candles to confirm move up.

Strong support is around $1.16178 level and I am more inclined to see the price at that level or around that level before further move up.

 

[Kioko Ibrahim]

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

nice analysis

 

[Frano Grgić]

Yesterday the price found more buying strength to move up and close above $1.17700.

We have a steep uptrend channel that is driving the price up. Since yesterday's analysis the price has formed few bullish candles.
One bullish candle has formed right on the confluence level and could not close above $1.17700. Second candle was a bullish Pinbar that formed after making a pullback on $1.17406.
That was a sign for further bullish moves and it was a nice entry point with profit around $1.18000.

Following few bullish candles have taken the price above $1.17700 and for now the price is holding on those levels.

 

[Frano Grgić]

The price made a pullback to previous resistance level at $1.17406 that is now acting as a support. Few small bearish candles had formed and it looked like the price was moving outside from the uptrend channel.
The price only made a small pullback as a false breakout.
As was mentioned yesterday in G-Trader newsletter the price returned to $1.17406 where a nice bullish engulfing candle has formed. It was noted that the entry point should be around that level with a nice price action signal.
The price found the ground and moved up and the move is active at this moment. There were no bearish candles or any bearish signal that could point stopping the price from reaching new highs.

 

[Stephen Lui]

This is a good analysis, please continuous

 

[lfelipemao]

Hello everybody...Im new here.......you just operate on H4 timeframes? Im trading in 5M...Market just oppened with a littel GAP down...stabilizing on a lateral moviment,,,in 1,7765......lets gonna wait for a couple of hours

 

[lfelipemao]

Starting to study cofee also.....market still closed. MACD closed on friday showing some signs of weak

 

[vacillating121]

Can't believe how the news can help you analyze the market. the price fluxation can easily be missed

 

[rmallia100]

thanks for you explanation. looks interesting to learn