EURUSD Forecast – $1.16187 is a Bulls Break Point

by Oct 16, 2021Setups

EURUSD Forecast

EURUSD chart analysis 

The small support at $1.15462 was strong enough to stop the price from falling down to $1.14748 which is strong support for the price.

The price had indecision week where small indecision candles formed on the support confluence between horizontal support and downtrend channel support level.

On Tuesday the price broke below and closed the day below indecision candles, but on Wednesday the price found buying pressure and took the price higher above all previous daily candles.

The market formed a bullish engulfing candle which shows bulls strength around $1.15462.

Price reached $1.16187 which is now resistance, but it could not move above this level. Selling pressure was strong enough to prevent price reaching higher levels.

EURUSD Daily Forecast 16_10_2021

EURUSD Chart Forecast

The price is now between two levels which showed strong pressure, $1.15462 with bulls and $1.16187 with bears pushing the price in the opposite direction.

We need to wait and see will the price close above $1.16187 which will then leave open space towards $.17200.

If the price breaks below $1.15462 it will have open space to $1.14748.

Current market overview is somewhere between bulls and bears and it is best to wait until the price clears the way in one of the directions.

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 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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