EURUSD chart analysis
The bears have pushed the price down to $1.19000 support without too much fight.
We can see the price has reached $1.20000 on Tuesday and made a retrace which was just bears getting out and cashing profits.
After that the price sinked down to $1.19000. Strong bearish momentum drove the price down in just 2 days.
For now support is holding and I think the bulls will hold the price a while. This level was a strong resistance for bulls by the end of the 2020 year so I expect that level as a new support will hold the price from breaking even lower.
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EURUSD Chart Forecast
The price could find a support at $1.19000 level which will allow the price to move up. Or at least to give a solid support for making strong foundation for stronger move up.
The price could make its way up to $1.20000 which is not too strong resistance and it could reach $1.20800 level.
Current market formation does not look so bullish so I am more inclined to sell the pair on the retrace at around $1.20800 and $1.20000.
If the price breaks bellow $1.19000 the next support where the price will stall is around $1.17000. That was the low of a range area between $1.19000 and $1.17000.
Until the price close above $1.20800 I will no turn to bullish scenario because that is the first step for the price to make its sentiment from bearish to bullish.
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