By Frano Grgić EURUSD Forecast
EURUSD chart analysis
Last two weeks were pretty bad for the Euro currency because the price has fallen down to low levels which we have not seen since April 2020.
The price started the fall two weeks ago on 09.06.2021. when the daily bearish Pin bar formed.
Since then the price has tried to make its way up, but the candle two days after, a large bearish candle , was a sign that bulls have lost the game.
From then the price is making lower lows and in the last three days the price has fallen down over 200 pips.
EURUSD Chart Forecast
The current scenario does not look good for buyers because the price has support only next to $1.17200.
From the current price it has 150 pips to fall down so I am expecting the price to make a retrace back to $1.19000 which is now resistance and then fall down to $1.17200.
$1.17000 is an area of support where weekly trend line and horizontal support are crossing so I am expecting that the price will stop there.
When it reaches that support level below we have $1.16180 level which is a larger support level which held the price in the past from falling further down.
As it looks now on a weekly time frame the $1.16180 level is very likely to be reached.
On the upper side we have first resistance at $1.19000 which must be broken and closed above on daily time frame. Then we have $1.20000 as a major resistance if the price wants to change sentiment from bearish to bullish.
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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