EUR/USD has returned to previous low levels where the price range was holding the price for almost two months. The price range is from $1.12645 to $1.13427.
The week started with an indecision candle on the $1.14000 support level, and on Tuesday, the price was pushed firmly down to the $1.13094 support level.
Since then, the price has stayed here without too much price change.
The decisive move represents sellers that have started the move since Friday last week, where we have a bearish engulfing bar.
The current price that did not change too much in three days represents the indecision between bulls and bears.
Bears are strong, pushing the price down, and bulls support pushing the price up. This indecision has created the previous range, and we are again inside it.
We need to wait until the current range breaks, and the market defines future direction. I am still bullish because, at the current price, we have stronger bulls, which is shown with the price.
The price did not move down where the previous lows were. But it is holding on the upper side of the price range.
Counting the previous price range that pushed the price up from the current position tells me that bulls will not allow prices to drop so quickly.
To make the market more bearish, I want to see more bearish signals around $1.14000 and downtrend channel resistance. Until that happens, I will look for bullish signals expecting to move upwards.
I expect to make new highs and close following days above price range candles close for the bulls. That will mean the bulls are picking up and creating base ground for the next leg up.
We could be for the next week in a price range where the price will test upper and lower limits. So, it is good to stay out until the market decides.