EURUSD Forecast – Pair is Heading Down to $1.11871

by Nov 20, 2021EURUSD Forecast

EURUSD Forecast

EURUSD chart analysis 

The price has reached the previous analysis goal and that is $1.13094 support level. The price started the week in bearish mode and stayed like that until Thursday . Then the price made a retrace after hitting the support level.

As said last week the $1.13000 is a strong support where the price could bounce back to $1.14000. And the price bounced almost to $1.14000.

After that the price returned back down and closed the week below $1.13000.

EURUSD Daily Forecast 20_11_2021

It is a strong indication that the EURUSD is in the selling mode for the last two weeks. The bearish candles on the chart clearly show that.

The price has moved outside of the downtrend channel and stopped for a while on the $1.13000 level.

From here the price has $1.11871 as a next support.

From the current price there is nothing that could represent the support for the price.

If the next Monday closes below current price then $1.11871 is the next stop for the price. This support level was touched last time in June 2020 and represented a strong support for the price.

So, we can expect the same scenario here.

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

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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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