EURUSD Forecast – $1.19000 Is the Key Support

by Mar 6, 2021Setups2 comments

EURUSD Forecast

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.

EURUSD Daily Forecast 06_03_2021

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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.

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 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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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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2 Comments

  1. MOHAMED AZARUDHEEN

    Thanks for your chart analysis and keep share your valuable ideas and opinion

    • Frano Grgić

      Hi Mohamed,

      You are welcome. Sure do

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