EURUSD Forecast – Pair is Heading to $1.14748

by Oct 9, 2021Setups0 comments

EURUSD Forecast

EURUSD chart analysis 

After breaking below $1.16187 in the previous week, the price made a small pullback to $1.16187. That pullback was in the form of a small bullish candle which did not close above.

The next day we had price falling down which was a sign of bears and confirmation of previous support now as a resistance.

The fall down was not large because downtrend channel support is close and $1.15462 is a small support level. Those two combinations stopped the price from falling further down.

EURUSD Daily Forecast 09_10_2021

EURUSD Chart Forecast

The week had no strong moves and small bearish candles shows the market is in slow pace. That means all support and resistance levels will have a role in the market. And the price stopped right on one of those small supports.

Indecision candles right on the crossover of horizontal support and downtrend channel support gives a small clue that bulls are not taking over. And that is because bulls need much more strength to move the price higher.

That bullish move could happen on the $1.14748 level which is a strong support. At that level the sellers could get out from the market and allow the price to make a pullback up.

Possible sell entries are around $1.16187 if the price action signal appears as a bearish Pin bar or a bearish engulfing candle.

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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 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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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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