EURUSD Forecast – $1.21800 With a Bullish Sign

EURUSD Forecast

EURUSD chart analysis 

This week was really messy where the price could not stay on one course, but it jumped up and down.

The week started with a bullish scenario at the $1.21800 with the target at around $1.22800.

Price reached $1.22660 and then reversed back down to $1.21800.

The strong support which I have mentioned last week has stopped the price from falling down, but the price formed a strong bullish Pin bar. That was a sign of a strong bullish market scenario which will probably end up reaching new highs.

EURUSD Chart Forecast

The price is currently on a strong support where we have a confluence of support levels.

We have an uptrend line which is combined with a horizontal support line and we have a bullish Pin bar formed at the right place.

With these three bullish signals I am very open for a bullish scenario next week.

First target is $1.22800 which is now a strong resistance that must be broken so the price can create its new highs. As the market now looks I am open to see the price reaching $1.22800 and then retrace around $1.22300 and then breaking higher above $1.22800. The next resistance is at around $1.24000.

I cannot really see the price below $1.21800, but the market can do everything so the first support below $1.21800 is $1.20800. The price could make another leg down before moving higher and that leg could reach $1.21400 which is less significant support.

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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

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.