EURUSD Forecast – $1.19000 is a Breakpoint for Buyers

by Sep 4, 2021EURUSD Forecast

Starting from the beginning of the week the price has climbed and there was no day with bearish candles.

Meaning, there were buyers running the game this week.

On Tuesday we can see bearish Pin bar right on the weekly resistance line and close to the downtrend resistance line. But, those two could not hold the price on the next day. Price reached a downtrend resistance line and in the next two days reached $1.19000.

On Friday there was a slight pullback from $1.19000 which is a result of buyers exiting from the trades at the end of the week and reaching round level which is known strong resistance.

EURUSD Daily Forecast 04_09_2021

EURUSD Chart Forecast

As it was mentioned in the previous weekly analysis the $1.19000 is a breakpoint for the buyers. You can see that this level extends in the past as a strong resistance level, but not as a strong support.

That means we could see price fluctuating around $1.19000 and first strong support below.

That first support below is a confluence of previous resistance and now support lines. Those are weekly support trendline and daily downtrend line which is now support for buyers.

The confluence of support is now around $1.18000 – $1.18400.

The price could pullback from the current level and find new support if buyers stay strong as they were in this week.

If the price manages to break $1.19000 next resistance is at $1.20000. Buyers need to move the price above and close the day above to change the market overview.

If the price stays below $1.19000 and gets back to the downtrend channel the price could see again $1.17200 as a target in the following weeks. If the sellers manage to create strong bearish price action signals around current level it would be a sign of sellers taking over again.

As usual, after Monday ends we will see what the market could do for the rest of the week.

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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