I was looking for a move higher for EURUSD yesterday on a dip. However EURUSD opened and move higher without the pullback, but eventually it lost momentum (with bearish divergence) and moved back down, forming a candle with a long upper wick.
Daily candle looked like a potential bearish pin bar for further downside today, but the criteria would be, if the lows break. Additionally, EURUSD moved above but was not able to stay above the 1.0848 double resistance.
TBH I would err on the side of caution for today. Overall, as long as 1.0855 holds, bias is to the upside. But if we get above 1.0855, I am of the opinion that it is a fake pin bar and EURUSD could just move higher and closed with another strong bullish candle.
And having said that, I would likely only wait to see the reaction off 1.0856 to decide on the next move.
Daily candle looked like a potential bearish pin bar for further downside today, but the criteria would be, if the lows break. Additionally, EURUSD moved above but was not able to stay above the 1.0848 double resistance.
TBH I would err on the side of caution for today. Overall, as long as 1.0855 holds, bias is to the upside. But if we get above 1.0855, I am of the opinion that it is a fake pin bar and EURUSD could just move higher and closed with another strong bullish candle.
And having said that, I would likely only wait to see the reaction off 1.0856 to decide on the next move.
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