EURUSD Forecast – $1.17200 Is a Breakpoint

by Aug 14, 2021Setups2 comments

EURUSD Forecast

EURUSD chart analysis 

The week behind has shown bears breakout below previous day candles lows which led the price to $1.17200 support level.

Week started with small bearish candles and on Wednesday touched the support at $1.17200 and in the following two days reversed up to $1.18000.

The price reversed on Friday which is a day when the traders get out from the market. Having strong support $1.17200 counted in it makes sense the price reverses. Lots of traders were closed at the support and the pushed the price higher.

EURUSD Daily Forecast 14_08_2021

EURUSD Chart Forecast

$1.18000 is a round number which acted as a resistance for the price and now the market looks like it has tested the resistance before the next move down.

As a first step for the price to move down and to confirm the $1.16187 as the next target is to close below $1.17200.

$1.17200 is now a breakpoint for the EURUSD pair.

If it the breaks below, strong support will be at $1.16187. This level has history for this pair where it held the price in the past from falling further down.

We have a weekly uptrend line broken and now tested which is another signal the price could move down.

If it reaches $1.16187 support level from there we will see where the market could move.

For the bullish scenario we need to see the price above $1.19000 level. You can see the price could not close $1.19000 above in the previous attempt which means bulls do not have enough strength to push the price higher.

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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2 Comments

  1. Blaq

    You analyse only daily charts

    • Frano Grgić

      Yes, that is correct. Better and more reliable trading ideas are on daily chart

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