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EURUSD Forecast – $1.16180 More Likely To Be Reached Next Week

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EURUSD Forecast

EURUSD chart analysis

The price managed to close below previous week low and this is the second week in a row the price closed the week lower.

The whole week was moving slowly down where four of five days were bearish.

Only Wednesday had a bullish Pin bar which reversed the price up, but it was short lasting. The price returned down on Thursday and even closed lower than all candles earlier in the week.

Friday ended as an indecision candle, but lower than all previous candles.

 

EURUSD Chart Forecast

 

Everything is pointing that the price will see lower levels because the whole week was bearish. Second week in a row we see the week closing lower.

The Friday price indecision with closing below previous candles suggesting lower levels are highly likely.

Strong confluence of support is losing the battle and we could see the price next week close to $1.17000.

That is around 70 pips from the current price which is equal to daily pip range of EURUSD pair.

The weekly overview is pointing out that $1.16180 is very close and it is stronger than $1.17000 so I am gonna pay attention on that level.

If the price returns up and closes above $1.19000 then we can talk about bulls taking over. But, as long the price is below $1.19000 I am bearish.

Closing below $1.17000 level bears will confirm further decline of EURUSD.

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.