EURUSD Forecast – $1.16187 as a Strong Support

by Aug 21, 2021Setups

EURUSD Forecast

EURUSD chart analysis 

The price has reversed from the weekly up trend line and closed below $1.17200 support level I was mentioning last week.

It took two days for the price to break below and after breaking there was indecision. Indecision candle has formed on Wednesday showing how the market is preparing for the next move down.

And that happened on Thursday where the price moved down.

Friday as usual is a day when the market reverses back because of traders cashing profits before the weekend starts.

EURUSD Daily Forecast 21_08_2021

EURUSD Chart Forecast

$1.17200 was a breakpoint for the sellers and now it is resistance for buyers. Start of the week could have a small test of the $1.17200 before moving further down to $1.16187 which now is the next target.

$1.16187 is a strong support which held the price in the past. Last year in September and November the price reached $1.16187 and it could not break below.

Since then the price is above this level and it will have the third attempt to break below.

If the price breaks below we will have $1.15462 as a next target, but the biggest support will be at $1.14748.

Because $1.16187 is strong support I will wait until the market reaches it and see what could happen then. It is hard to say the market will change sentiment into bullish, but it is not something we should rule out.

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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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