FX.co ★ BoneSkull | EUR/USD

EURUSD Price Action: The present discussion pertains to analyzing the price behavior of the EUR/ USD currency pair. The first three days had almost no news, and Thursday became the main event. Based on US inflation data on Thursday, against the dollar and reflecting less inflationary pressures, the dollar briefly sold off and then wholly halted any attempts at inflation. The force of the bulls, and yesterday it was also likely to be the closing day and week. Now that the bears are strong, just looking at how they experienced the correction, it is clear that an uptrend is possible. There is likely a notable buying move towards the end of the drop, with the potential visible on the 4-hour chart for the Euro to rise. The bottom line is that the Bears got into the game correctly and cleared EUR/USD down to 1.17077. Well, now again, a situation that has been likely many times recently. Finally, we might try again to get a foothold below 1.17077, then move towards 1.15909. A drop to 1.15254 supports, and once this level is gone, the vital thing. It is essential to break through the 1.18087 resistance level to turn north. We had a pine bar earlier on Thursday.

Currently, the pair is trading daily in a small range, but if it breaks the lower boundary in the 1.16717-1.16947 area, then the currency pair has a chance to continue failing in that direction. Support at a steep slope around 1.15577. So now I will take my time buying but consider selling. Yesterday could open for sale, but I bet on pound trade. It will fail more. The pair will resume the downtrend and drop to 1.16577. I want this pair to grow when the orders are red. Expect the currency pair to rally to the level of 1.17817 and above. At the beginning of the new week, after a big news release, Ill make my prediction.