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EURUSD Forecast
EURUSD chart analysis
Strong selling pressure pushed the price down to $1.17203 support level where the minimum price $1.17030 was reached.
Week has started with small volatility and ended as a bearish candle. It was a sign that buyers are not able to do any change in market direction.
When the price reached support at $1.17203 it bounced up, and the bullish candle closed above previous H4 support at $1.17686 which is now resistance. It is a small sign of a bullish strength, but I need to see more of it next week.
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EURUSD Chart Forecast
It will not be too easy to break below $1.17000 support, so I am expecting the price to reach $1.18400 which is the level that previous bullish candles has reached after hitting $1.17200 support.
From $1.18400 there is more chance to see sellers pushing the price again down and making selling pressure to $1.17000 which will eventually lead to break out below.
Looking on the weekly chart it looks like it is ready to move down to reach $1.16183 support level.
When Monday ends it will be more clear, I hope so, to determine will the above analysis find support in the price movement.
I am still bearish oriented because of the weekly market overview which suggests to me the bears are running the game at the moment.
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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 our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.
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