EURUSD Forecast – $1.11871 Still in the Game

by Dec 4, 2021EURUSD Forecast

EURUSD Forecast

EURUSD chart analysis 

Looking into the past analysis two weeks ago the price reached $1.11871 in the pip. And then bounced back up to first resistance at $1.13094.

The level $1.11871 was a strong support because the price had a similar reaction on that level in the past.

This week the price had one strong bullish move trying to break above $1.13094 level, but what we can see the bulls could not move the price higher.

Small bearish candles are still inside large bullish candle which tells me that the price could move higher.

Wicks on this week’s candles tells me that the price has a hard time moving in one direction because there are sellers and buyers pushing the price in their direction.

EURUSD Daily Forecast 04_12_2021

This week I am expecting to see the price close to $1.14000 level and then move down. The $1.14000 level is a confluence level of resistance we can see on the chart.

We have horizontal resistance and downtrend channel line which together will present hard resistance to break above. So, we can expect the price to reach $1.14000 and with a short break above return back below.

If that happens we can look for a bearish price action signal as an entry level and then the target is $1.13094  because the bears are still not over. From there we need to wait and see what will happen.

If the market forms more bearish candles around $1.13094 and $1.14000 then the level $1.11871 is still in the game.

If the price manages to break above $1.14000 and stay there for a few days we could see market sentiment changing a little bit into bullish sentiment.

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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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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