EURUSD Forecast – 100 Pip Range Still Holds the Price

by Jan 30, 2021Setups

EURUSD Forecast

EURUSD chart analysis

 

This week the price has made a bounce down to the first support at $1.20800. The price took three days to reach the support which means bulls were strong enough to hold the price on the upper side.

On Wednesday the price has reached support confluence level at $1.20800. It did not stay for too long. The uptrend support line has held the price from falling below.

On the same day the price bounced back up, but it took the whole Thursday to make a new base for future move up.

On Friday the price managed to move up, but it could not make a move up to the resistance line at $1.21793.

EURUSD Daily Forecast 30_01_2021

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EURUSD Chart Forecast

The market shows bullish sentiment where the price has followed the uptrend channel.  The price needs to break above $1.21793 to make its way up to $1.22845.

In the next week I am expecting the price to break out fromt this small range. If that happens and the price closes above $1.21793 on a daily basis the price will move towards the $1.22845 level.

If the price manages to move down, below $1.21793, we can expect the market to change its bias and become bearish. That is less likely in this market overview, but we should not exclude that option.

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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 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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