EURUSD Forecast – $1.16180 More Likely to be Reached Next Week

by Jul 24, 2021Setups

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 Daily Forecast 24_07_2021

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.

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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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