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EURUSD Forecast – Indecision in the Market

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EURUSD Forecast

EURUSD chart analysis

 

This week price did not behaved as predicted in the previous weekly forecast because the price did not moved down when it returned back to downtrend channel resistance line.

The price managed to return back into area between $1.20800 and $1.21793 leves. It is an area where the price has been around since December.

The sellers could not return the price back down to $1.19000 where I have expecting to reach in this week. From there I would look for buying opportunities because of a strong support level.

But, the price managed to return back up earlier and now the price has break above downtrend channel. On Friday we can see the price has returned back down to $1.20800 level which is previous resistance which now acts as a support. From the support level the price retraced back up and formed an bullish Pin bar.

 

EURUSD Chart Forecast

In the next week I will wait for the price to define where it will move for the next few weeks.

If the price close above $1.21793 level I will look for bullish signals on retrace.

From there I will wait price to reach $1.22845 level. If the price comes to that level I expect to make a retrace from that level and then I will wait to see what it will do.

If the price falls below $1.20800 then the price will look for the first support which is $1.20000. From there the price will be below strong resistance line which will mean for me that the market is in bearish sentiment.

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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.