EURUSD Forecast – $1.20800 – $1.21800 Range

by Jun 5, 2021Setups0 comments

With two Pin bars the price could not reach new highs. With the start of a week the price moved higher than last week’s ended, but it has short lasted.

On a third day the price returned back down to a confluence of support and formed another bullish Pin bar.

On Thursday the price broke below through strong support and reached an area around $1.20800.

From there the price returned close to $1.21800, but closed below the resistance line.

EURUSD Daily Forecast 05_06_2021

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EURUSD Chart Forecast

The price is below strong resistance that has held the price above for two weeks which means it will need more buyers strength to move again above $1.21800.

The area between $1.20800 and $1.21800 is strong because in the past price had a hard time breaking above $1.21800.

Range area is now holding the price so I am expecting we will see the price inside for a while.

Below $1.20800 first support is around $1.20350 and then $1.20000.

Above we have first resistance at $1.21800 and then around $1.22800.

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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 ourselves for a 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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