By Frano Grgić EURUSD Forecast
EURUSD chart analysis
We have an end of the week with the price around the same level where it started the week. The $1.19037 is still holding as a support.
What we can see from the start of the week is that the price has moved to $1.19037 and from there reversed back up next to resistance level at $1.20000.
From there the price returned back down and ended the week with the close right on the support level.
As I said in the previous weekly analysis the price could return back up and then back down to the support which will be an indication that we will see the price moving down from here.
EURUSD Chart Forecast
I am still bearish oriented because the price is returning back to support level at $1.19037. It means the selling pressure is strong and eventually will break down.
Break down will open the road to $1.17000 support which is lower end of the previous range area.
First sign of a break below will be a daily candle close below $1.19000. If the price returns back to $1.19000 after breaking down and making a bearish price action signal on $1.19000 it will mean we have a confirmation the price is moving down.
As we can see on the $1.17000 we have confluence level of support, so that level will stop the price from falling more down.
Only strong market movements could lead the price below $1.17000 without holding the price for a while.
Until the break down below $1.19000 does not happen I am waiting with entering into any trade. I want to see the price below and then return back up to retest previous support at $1.19000 which will after that act as a resistance.
Entry EURUSD: If you want to see how to play this scenario join G-Trader
If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check my blog https://getknowtrading.com/
Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
RTC Team