EURUSD Forecast – $1.17200 Potential Selling Price

by Oct 23, 2021Setups

EURUSD Forecast

EURUSD chart analysis 

In the previous analysis I have pointed that the price could break above $1.16187 which is the break point for bulls.

After Monday ended the price found its way above this resistance and managed to stay above for the rest of the week.

The candles formed from Tuesday to Friday you can see on the chart are all bullish and close price is above this level. That means the bulls are strong enough to hold the price above.

EURUSD Daily Forecast 23_10_2021

EURUSD Chart Forecast

After breaking above the price returned back to test the level as a support which gives confidence the price will respect the level in the next few days.

The currency pair is in the downtrend so being bullish completely is not an option. For now the price will find resistance on the old resistance at $1.17200 which will now be a confluence of support combined with downtrend channel resistance.

From there we can expect to have bearish signals for trading. If the price closes above $1.17200 the price will be in the range where the next resistance will be around $1.19000.

Now the market is somewhere between bulls and bears and the critical point for the bears is $1.15462. If the price manages to break below, the next support is $1.14748.

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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