EURUSD Forecast – Descending Channel Broken

EURUSD Forecast

EURUSD chart analysis 

The price reverse happened and the $1.18400 was reached as was said in the previous weekly analysis.

But, the price managed to get out from the descending channel and reach major resistance at $1.19000.

After reaching resistance level at $1.19000, the price formed a bearish Pinbar which was a sign of the bears. But the price could not move down.

What happened was that on Thursday we had a bullish engulfing bar that took the price back up and finished the day again on the resistance $1.19000.

Friday did not have any impact on the price and the price remained next to $1.19000 which was also a sign of bear weakness.

EURUSD Chart Forecast

The price is right on the decision level which will indicate future move down or up.

What is clear on the chart is weekly status where we can see price is right on the point where we could see break above and then move up to $1.20800. If the price ends next week above $1.19000 then it will move market sentiment to slightly bullish.

If the price manages to close above $1.20800 then the next resistance is at $1.21080.

I am still bearish oriented because the $1.19000 level had held the price in the past for a longer time and the price bounced down to $1.17000. The price is now in the range between $1.17000 and $1.19000.

It will be hard for the price to break above, but bulls have shown their strength this week which should not be thrown away easily.

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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 our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.