EURUSD Forecast
EURUSD chart analysis
What was discussed in the previous analysis the pair has done. After a bullish Pin bar the price returned back close to $1.16187 and from there turned back down and reached $1.14748.
The fall down from $1.16187 was strong, but the price stopped on the $1.14748 support. Wednesday was the day when the price reached that level.
The drop was strong with around 150 pips pip range. Looking on the pip range table for EURUSD we can see that the drop was stronger than the average pip range that EURUSD usually has.
That tells me that the currency pair was pushed strongly down by the sellers.
The week ended below $1.14748 which tells me that the support is not strong here. The pair had no problems breaking below which gives me more confidence the pair will continue its move down.
EURUSD Chart Forecast
As always, the best is to wait until Monday ends, because it is a day when the market is preparing for the rest of the week.
After that I am expecting the price to continue moving down.
The first support is around $1.14000 which was support for the price in the past. The price could stop for a while and make a retrace back to $1.14748 before finding more sellers to continue with the push down.
After that the price has stronger support at $1.13000.
Around $1.13000 the price will find support where I am expecting a reverse back to $1.14000.
The pair has moved outside of the downtrend channel which means more selling pressure has entered into the market.
I am bearish oriented as I was in the last couple weeks so I am waiting for a retrace back to $1.14748 to enter into the trade.
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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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.
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