General EURUSD Chart Analysis

[Frano Grgić]

EURUSD is in the range between $1.1725 and $1.19030 for several days. The price has reached a strong resistance level at $1.19000 and buyers did not have enough strength to make new highs.

Current market formation looks bearish. Many bearish candles have overtaken the market. The bearish strength is visible through several bearish black engulfing candles.

Buyers are holding at $1.17000 level, but it looks like there will be a break down very soon. Lower highs on the H4 time frame shows barish power.

Looking on the daily time frame we can see a bearish Pinbar that suggests a move down. Last three days were bearish so we could see even more black candles in the next few days.

 

[Frano Grgić]

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

Yea, this is on H4 time frame, mostly, and sometimes on Daily time frame.

 

[Frano Grgić]

The range from $1.17094 to $1.19030 is still holding the price. EURUSD has formed a bullish engulfing bar on the daily time frame right on the lower level of the range area.

The engulfing candle shows that the bulls are still holding and not allowing the price to move down. Two candles after strong bearish candle did not close below bearish candle close which shows us there are no bears strong enough or the bulls are stronger than bears.

Current market overview shows us a consolidation which the price needs to exit from in order to make further move.

Last consolidation was in June which lasted over a month. Will this be the same scenario we need to wait and see what the market will do on the range area boundaries.

 

[Frano Grgić]

EURUSD has reached a resistance level at $1.19000 which is the upper level of the range area. Range area spreads over 200 pips wide area between $1.17000 and $1.19000.

The $1.19000 level acted as a good resistance level on the last two attempts. First time was at the end of July and the second time was on August 05.

Second time when the price reached this resistance it was hard time to close the H4 candle near $1.19000 which suggested that the sellers will not allow easy break above.

 

[MJOrang]

Oh that's Great! Would you please give us your indicator please?

 

[Frano Grgić]

Oh that's Great! Would you please give us your indicator please?

There is no indicator on the chart. I am not using indicator for the analysis. Sorry.

 

[uhm_tintswalo]

I recently took buy and it completly blow me, never again

 

[Frano Grgić]

I recently took buy and it completly blow me, never again

Too bad you have lost money, but it is the part of trading.
Use stop loss to prevent losing a lot and wait for the correct signals.

I hope you will recover.

 

[Frano Grgić]

The EURUSD price has returned back in the range area. Break above $1.19000 and daily close was not enough to hold the price above which means bulls have lost the strength.

As you can see on the H4 time frame there are two strong bearish candles that took the price from above $1.19000 back in the range area. There were no bullish candles that would suggest some kind of resistance to the bearish run.

The bearish run was during the New York trading session and the fall down stopped at the end of the trading day.

If the price falls below $1.17000 level the next resistance level is at $1.16000 which is visible on the H4 time frame. $1.16000 level was a nice resistance level when the price was in the uptrend moving from $1.15000 level.

 

[Frano Grgić]

The price stopped at the first strong support area around $1.19000. This is the upper level of the range area in which the price has entered at the end of July and break out two day ago on August 31.

It will be the level at which the price will take some time before making a decision will it get back in the range area or it will try again to reach $1.20000.

The second support where the price could stop and make some bullish price action signal is at the $1.18398 level. This level acted as a support in the previous price movement.

That level is also a level of support confluence where the uptrend support cross with horizontal support.

One thing we should not rule out is the daily bearish Pinbar that has formed on the resistance level. It is a strong signal we could see the price move down.

First daily support is also at $1.18398 level which confirms 4H time frame analysis.

 

[damon virk]

this is great. i kinda feel like i could have got here earlier.you guys are amazing i love you all

 

[Frano Grgić]

As the market condition looks like we have a bearish scenario where the price cannot find strong enough support to back it up for move up. Sellers are in control and what we can see is that the daily Pinbar formed two days ago is giving its results.

The price is moving down and the next support level where it could find support is at $1.17842. This level has been a support for the price last week as we can see on the chart.
There we could see some pullback back to $1.18398 resistance.

As we can see the stronger move down can be during European or U.S. trading session. While the price has broken below the uptrend support line we could see very soon the price reaching the next support level.

While the price has reached the inside range area and strong bearish signals are controlling the market I am bearish oriented until the price reaches $1.17000 level.

 

[Frano Grgić]

The price has done what I was saying in yesterday’s analysis. The move down to the first support level at $1.17842 was reached and the price pulled back to the $1.18398 level.

The price is now on the uptrend support line which was broker and now is retesting that line as a resistance.

Today we have news which can impact the market and it is Friday when I usually stay out of the market because we can see unusual market movements.

We could see the price hitting $1.19000 and 1.17842 levels when news is published so pay attention to avoid news trading and set stop loss to prevent undesired loss.

 

[Frano Grgić]

EURUSD price has closed the day in an area between two small resistance and support lines. The area between $1.18398 and $1.17842 has held the price previous week in between until the price has broken outside and reached new highs, $1.20000 level.

News published yesterday where the U.S. data were positive has prevented the price from moving higher. The price closed below the previous day candle close which is showing us the price is moving down.

First support level below $1.17842 is $1.17200. We could expand that support level all around $1.17000 level that stretches from $1.16970 - $1.17200.

I am bearish oriented on this pair until the price closes above $1.19000 which is an important level for buyers.

 

[Frano Grgić]

The price is on a slow pace heading down since yesterday when the market opened. It is still inside a small range between $1.18398 and $1.17842, but the price has managed to break below 4H trend line support.

The next step for the price is to break below $1.17842 support level which is the lower level of the small range area.

While the price has a support level in front that must be broken and that could hold the price for a while, the target could be reached this week.

If the price reaches the $1.17000 level we could see the price bouncing while the support level is the level that is holding the price above since the end of July.

 

[Frano Grgić]

The price is moving as predicted on the yesterday 's analysis and on Saturday analysis. It is moving at a slow pace and breaking support levels targeting $1.17000.

Yesterday the $1.17842 support level did not hold. When the price reached this support a small pullback happened that did not last too long.

At this level where the price is now it will find some buying pressure because this level was hard to break down on August 21 and 27.

We can see the price has reversed on those dates from falling down to $1.17000 into a bullish scenario and the price reached new highs, $1.20000.

 

[Frano Grgić]

The price finally found a way outside of the range between $1.17000 and $1.19000.

The last two days candles were strong bearish candles that indicated the price could move down. If you take a look in the range area there were no similar strong bearish candles like these ones.

While the price has broken below strong support level $1.17000 the next step is to reach first strong support level. That is $1.15462 which was a strong support in the past.

 

[Miguelf]

thank you very much for all the information and analysis ! great great job !

 

[hackerfx]

thanks for sharing your analysis and ideas good work man!

 

[Frano Grgić]

The pair returned again inside range area that was active from July 27 until September 22.
Bears could not hold the price below $1.17000. The EURUSD has fall down to the first support level at $1.16178 where it found buyers that stopped the price.


You can see I have drawn downtrend lines to watch the price when it will break above. The break started this week on Monday and throughout whole week price needed enough buyers to find its way further up.

The price is now free to move up and first resistance that will hold the price from further move up is at $1.19000.