EURUSD Forecast – Indecision In the Market

by Feb 13, 2021Setups

EURUSD Forecast

EURUSD chart analysis

 

This week price did not behaved as predicted in the previous weekly forecast because the price did not moved down when it returned back to downtrend channel resistance line.

The price managed to return back into area between $1.20800 and $1.21793 leves. It is an area where the price has been around since December.

The sellers could not return the price back down to $1.19000 where I have expecting to reach in this week. From there I would look for buying opportunities because of a strong support level.

But, the price managed to return back up earlier and now the price has break above downtrend channel. On Friday we can see the price has returned back down to $1.20800 level which is previous resistance which now acts as a support. From the support level the price retraced back up and formed an bullish Pin bar.

EURUSD Daily Forecast 13_02_2021

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EURUSD Chart Forecast

In the next week I will wait for the price to define where it will move for the next few weeks.

If the price close above $1.21793 level I will look for bullish signals on retrace.

From there I will wait price to reach $1.22845 level. If the price comes to that level I expect to make a retrace from that level and then I will wait to see what it will do.

If the price falls below $1.20800 then the price will look for the first support which is $1.20000. From there the price will be below strong resistance line which will mean for me that the market is in bearish sentiment.

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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.

“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.

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