EURUSD has managed to break above from the small indecision area that was mentioned in yesterday’s analysis.
After a few indecision candles the price have fallen down to support level at $1.11871. The price formed a nice bullish Pinbar that had a long wick and a body inside an indecision area.
This formation of a Pinbar shows the behaviour of the market. The price has looked to break somewhere. The break was heading down, but the majority of traders did not allow the price to close below the indecision area. The close was again inside that area which pointed to the price having a false break down.
After the bullish Pinbar the price moved up and closed above indecision and touched an area near resistance level at $1.12806.
After the break above and the strong bullish candle we have a small pullback visible as a small bearish candle. After that, a small indecision candle has formed.
Currently we are waiting for the price to make a move.