EURUSD Forecast – Pair is Heading Down to $1.13090

by Nov 13, 2021Setups

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.

Trading session pip range -comparison

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 analysis - weekly pip range

EURUSD Chart Forecast

EURUSD Daily Forecast 13_11_2021

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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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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