EURUSD Buyers Lost The Battle, $1.1546 is the target

by Oct 31, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The whole week was in the bearish tone and the EURUSD has broken the uptrend channel. Wednesday, October 28, was the day when the market broke the trendline and made a pullback for testing.

After the breakout confirmation the price continued moving down.

The pair ended the week in the middle area between two strong resistance levels.

On the upper side we have $1.17000 and on the bottom side we have $1.16178.

EURUSD Daily Forecast 31_10_2020

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EURUSD Chart Forecast

What can we expect from the current bearish market status?

Well, as it now looks like the market is heading down and the first support that is ahead is $1.16178 which stopped the price last time. That stop was a month ago, on October 25.

Strong bearish candles that have formed this week shows clearly that we are now in a bearish move and the price can be stopped only on a strong support level.

The first support $1.16178 likely will not hold the price so the next support is at $1.15462 which is a confluence of support levels.

Many times in the past this level has stopped bears to move down. So, we can expect the price to reach that level and then make a pullback.

The area from $1.15150 -$1.15500 is an area where the price could find a support.

Since the bears have overtaken the market and the price closed below $1.17000 I am bearish oriented until the price reaches $1.15462.

We can expect a price reaching $1.16178 and then possible pullback to an area $1.16700-$1.17000 before further move down.

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 this article: EUR/USD Pip Range Analysis

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The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

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Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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