EURUSD Forecast – $1.16180 is Very Close

by Sep 18, 2021Setups2 comments

EURUSD Forecast

EURUSD chart analysis 

On Monday the pair broke down from the confluence of support, but the day ended almost on the price the day started.

It was a sign of confluence, but on Tuesday we had a nice bearish Pin bar pointing down because of daily close below Monday close.

And on Thursday we had a strong bearish move which lasted until the end of the week. This move shows us a strong bearish attack on the $1.17200.

EURUSD Daily Forecast 18_09_2021

EURUSD Chart Forecast

Usually we have Friday as a day when the market slows down and pulls back from the direction it had on Thursday. Pullback happens because it is the end of the week and many traders cash out to be safe over the weekend.

This time there was no pullback telling me the market was so strong there were no buyers enough to make a visible impact on the market direction.

The price stopped on the strong support $1.17200 which is well known in the last few weeks. From this level the price reversed back up on 20.08.2021. so we could see some price confluence here.

But, most likely the price is heading down, below $1.17200 towards $1.16180 which is now a strong confluence of support. We have horizontal support line and downtrend support line crossing.

What we could see is the price pulling back from $1.17200 to $1.18000, up to the downtrend resistance line and then continuing moving down to $1.16180.

Buyers will take over the market direction only if they manage to close the price above $1.19000. Until then the market is in bearish sentiment.

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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 Forex market is not easily predictable and we need to prepare ourselves for a 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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2 Comments

  1. Sarki Benjamin

    I am an amaze with your analysis. It’s superb and I wish I can be getting this kind of analysis daily.

    Or learn and be able to analyze the market myself in such a manner.

    • Frano Grgić

      Thanks.

      I hope you will learn by reading.

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