EURUSD Forecast – $1.19000 Is Still Holding

by Mar 20, 2021EURUSD Forecast

We have an end of the week with the price around the same level where it started the week. The $1.19037 is still holding as a support.

What we can see from the start of the week is that the price has moved to $1.19037 and from there reversed back up next to resistance level at $1.20000.

From there the price returned back down and ended the week with the close right on the support level.

As I said in the previous weekly analysis the price could return back up and then back down to the support which will be an indication that we will see the price moving down from here.

EURUSD Daily Forecast 20_03_2021

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EURUSD Chart Forecast

I am still bearish oriented because the price is returning back to support level at $1.19037. It means the selling pressure is strong and eventually will break down.

Break down will open the road to $1.17000 support which is lower end of the previous range area.

First sign of a break below will be a daily candle close below $1.19000. If the price returns back to $1.19000 after breaking down and making a bearish price action signal on $1.19000 it will mean we have a confirmation the price is moving down.

As we can see on the $1.17000 we have confluence level of support, so that level will stop the price from falling more down.

Only strong market movements could lead the price below $1.17000 without holding the price for a while.

Until the break down below $1.19000 does not happen I am waiting with entering into any trade. I want to see the price below and then return back up to retest previous support at $1.19000 which will after that act as a resistance.

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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