EURUSD Forecast – Bears Still Have Space to go Down

by Jul 3, 2021Setups0 comments

The price of EURUSD felt down more than previous week where four of five candles were bearish.

The week started with a small bullish Pin bar, but the formation of the Pin bar was not at the right place to give significant meaning. That is why the market continued to fall down on the following days.

On Thursday the price reached previous week low and there was a slight bullish bounce from the $1.18500 level.

On Friday price returned back down below $1.18500 reaching $1.18060 level. Friday ended with a bullish Pin bar with a candle closed above Thursday’s daily close.

EURUSD Daily Forecast 03_07_2021

The best Harmonic scanner

From $17.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

EURUSD Chart Forecast

Below bullish Pin bar we have a confluence of support where the trend line is crossing with horizontal $1.17000 level.

The price did not reach the trend line, but I cannot rule that out in the following week.

Even though there is a bullish Pin bar the candle is not at the right place. There is no other technical confirmation to back up the Pin bar.

I will wait and see will the price go down to $1.17000 level and from there see what the market will do.

Currently because of the bullish Pin bar we could see the price moving higher up to $1.19000 and then going back down to $1.17000.

If the price reaches $1.19000 and close above then the next resistance is at $1.20000. And this will be a sign of bullish wake up.

If the price goes down to $1.17000 it will be hard to break the support level, but if it happens then $1.16180 is the next support level.

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

Trading Analysis Bonus

As a bonus I am sending entry ideas.

ONLY for G-Trader members.

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.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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.

The best Harmonic scanner

From $17.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

FREE WORKSHOP

For beginners who does not know how and where to start with trading

In the workshop I will tell you

what steps to do in order 

to transform yourself into a trader

The best Harmonic scanner

From $17.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Shares
Share This