EURUSD Forecast – Bulls Are Holding Range Area

by Feb 20, 2021Setups

EURUSD Forecast

EURUSD chart analysis

 

This week has shown indecision in the market where the first few days the price did not show clean direction.

The week started with one indecision candle which then followed with a bearish Pin bar on Tuesday. That Pin bar suggested that the bears are not allowing the price to move up. Resistance around $1.21793 has held the price from moving up.

On Wednesday we saw a continuation of bears strength, but it did not last too long. A support around $1.20000 has prevented the price from falling further down. With the support of bullish traders the price has changed the direction and ended the week above $1.20800.

EURUSD Daily Forecast 20_02_2021

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EURUSD Chart Forecast

The Friday candle did not close above previous days candle high which does not confirm the strength of the buyers.

If the price could close above the $1.21280 price it would mean the buyers have succeeded to break above the wall that is preventing the price from moving up.

The next resistance at $1.21793 presents a larger resistance for the price because in the earlier days the level has shown strength.

Bears are holding the price below this level, but also the buyers are holding the price above $1.20800.

These two levels represent a range area where the price is bouncing back and forth.

If we take a look at the chart since the start of 2021 year we can see a bullish flag pattern that has formed and that has been broken to the upside in the previous week. This means we could see the price moving higher from this price.

The first level the price needs to break is $1.21793 to see it moving higher.

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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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