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EURUSD Forecast – $1.20800 – $1.21800 Range

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EURUSD Forecast

EURUSD chart analysis

 

With two Pin bars the price could not reach new highs. With the start of a week the price moved higher than last week’s ended, but it has short lasted.

On a third day the price returned back down to a confluence of support and formed another bullish Pin bar.

On Thursday the price broke below through strong support and reached an area around $1.20800.

From there the price returned close to $1.21800, but closed below the resistance line.

 

EURUSD Chart Forecast

 

The price is below strong resistance that has held the price above for two weeks which means it will need more buyers strength to move again above $1.21800.

The area between $1.20800 and $1.21800 is strong because in the past price had a hard time breaking above $1.21800.

Range area is now holding the price so I am expecting we will see the price inside for a while.

Below $1.20800 first support is around $1.20350 and then $1.20000.

Above we have first resistance at $1.21800 and then around $1.22800.

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.