Above is the Daily chart of EURUSD. First, I am looking at the EURUSD daily chart.
It looks more bullish than bearish. There is a major support level just below the current price level. The candle from yesterday is close to an inside day.
If today’s candle closes above the close of the red candle, it will engulf if together with yesterday’s bullish candle.
This will give more bullish enthusiasm to the market participants and price might go higher to the next resistance level.
Levels I am monitoring:
Support: 1.1675
Resistance 1: 1.1875
Resistance 2: 1.2100
Possible entry (depending on price action of course) could be given after a retracement to intraday support level at 1.1785. The potential targets are the Resistance 1 and Resistance 2 levels.