EURUSD Forecast – Bulls are Strong, but Not so Strong. $1.20000 as a Next Target

EURUSD Forecast

EURUSD chart analysis 

This week offered a retrace back above $1.19000 which I have mentioned in the last weekly analysis.

The price closed the week above $1.19000 which means the next resistance is at $1.20000. The price reached almost $1.20000, but as you can see the Friday candle formed as a bearish Pin bar.

The candles that formed in the last three days look like bears could not move the price down which suggests bull’s strength. Strong resistance around $1.20000 is holding the price below which looks like it is losing its strength.

EURUSD Chart Forecast

Current market overview tells me that we could see the price again around $1.20000. Candles that formed in the last three days look more bullish than bearish.

The daily close of each candle in the last three days could not close below Tuesday low. That means the price is making higher levels which we can see on Friday when it reached the highest price level.

But the peak was short lasting. And, when the price returned back down it did not close below any lof of each candle from this week.

That means the bulls are stronger and there are no strong bears that could push the price down.

For the next week I am expecting the price around $1.20000 and then I will see what will happen.

Market does not look so strong to go beyond $1.20000, but it looks more likely to find resistance and then fall down to $1.19000.

Resistance above $1.20000 is at $1.20800 and support below $1.19000 is at $1.18500 and then $1.17200.

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

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.