EURUSD Forecast – Bulls Will Try to Break $1.03920

EURUSD Analysis Today

Previous EURUSD forecast talked about $1.01368 as an uptrend support as a confirmation that we are in the uptrend. The $1.01368 was not reached because the price tried to reach higher levels.

We can see on the chart the price formed a small bullish Pin bar on Monday and the price started to move to a higher level. The price broke above $1.01368 on Tuesday, but the price returned back down.

It was a sign the sellers are waiting there and it will be hard to move up.

On Thursday we can see the price moving down and on Friday a second bearish candle that took the price more down.

But, the price stopped above $1.02669 which is daily support.

We can see that the price is still holding above $1.01368 which is first strong support for the price. And the first daily support  at $1.02669 is still holding. So this represents strong bullish momentum that is pushing the price on higher levels.

Here we cannot see strong selling pressure so I am expecting the price to reach higher levels in the coming weeks.

We have an uptrend channel that is crossing with the $1.02669 making a confluence of support which will hold the price to move to lower levels.

On the weekly time frame we have some kind of a bearish Pin bar, but the Pin bar is not formed on the right spot. That means not on the resistance level at the right spot. That means it has less strength, but I am not throwing that out. I am expecting the price to move down slightly, around $1.02000 or above, and continuing to move up.

If we do not see price closing below $1.01368 on a daily time frame we could see price heading up and breaking $1.03920 resistance level.

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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.