Attached is the 4H chart for EURUSD. As is evident, this pair has fallen a lot over the past few days. It did manage to make new highs recently but from that point, it has all been downhill for this pair and yesterday was no different.
But an interesting thing to note here is the fact that we can now see a bullish pin bar on this chart for this pair. This pin bar is off a good support and also after a nice move and we can also see that the next 4H bar has broken the top of the bullish pin bar. Just to complement this, we have a bearish pin bar on the 4H charts on USDCAD.
All this point to some recovery in the price of this pair and by the look of things, i believe that this pair could go all the way upto 1.4220. There is a huge resistance at this price and so i would expect the recovery to stop at this point but this should be very interesting to watch.
A break of the low of the bullish pin bar should nullify this scenario. For today, on the downside, the supports are at 1.4144, 1.4130 and 1.41. A break of 1.41 should cause this pair to go down to 1.4 and then 1.39. On the upside, we should see the pair face strong resistance at 1.42 and then 1.4220 and a break of this price should lead to 1.4250.
For today, i expect this pair to range between 1.4150 and 1.4250.
