As I said in the previous weekly analysis if the price breaks below $1.19000 and closes on a daily time frame it will probably move down.
And that is what has happened in the last week.
On Tuesday the price has strongly broken below $1.19000 which was a sign of bears strength. Monday was only a day when buyers entered into the market with small volume after which they were wiped out by the sellers.
The whole week was bearish up to Friday when the price moved slightly up because of the end of the week and some of the sellers cashing out and taking profits.
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EURUSD Chart Forecast
On the start of the next week we will see traders that have cashed out at the end of the week entering again into the market pushing the price even more down.
Before doing that we could see the price moving slightly up to $1.18300 which is H4 resistance. From there the price could find more sellers waiting to enter and push the price down to $1.17000.
$1.17000 is lower end of the old range area so I am expecting to see the price first reaching $1.17500 and then reversing back up to around $1.19000. This could be a nice opportunity to catch the selling wave down to $1.17000.
$1.17000 is not so strong support and if there would be a strong selling pressure the bottom of the selling pressure will be at $1.16183.
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