EURUSD Forecast – $1.16187 Is a Turning Point for Bulls

by Nov 6, 2021EURUSD Forecast

In the last two weeks the price has returned back close to $1.17200 resistance and formed a strong bearish candle. The price dropped down to $1.15462 which is current support where the price is holding.

The bearish push down was not so strong to break below, but the price returned back to resistance at $1.16187.

This week ended with a mixed overview where the price bounced the whole week between $1.16187 and $1.15462.

EURUSD Daily Forecast 06_11_2021

EURUSD Chart Forecast

The week ended with a bullish Pin bar and the candlestick is on the strong support. The low of the Pin bar touched the downtrend support line which gives significance to this candlestick.

So, currently we have a bullish Pin bar on the horizontal support line, on the downtrend support line which together form a confluence of support.

Because the market is largely bearish oriented it is not a good option to give everything in the buying, but to enter step by step.

If the price reaches $1.14748 it will be a much better option to enter into bullish opportunities because it is the stronger support compared to where the price is now.

The price could reach again $1.16187 and from there form bearish signal going to $1.14748.

If the price breaks above $1.16187 it will be just a first step to see the price changing to a bullish mode. Only when the price breaks above $1.17200 then it will be the sign of the bulls.

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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