EURUSD Forecast – Ready to go Above $1.21800

by May 8, 2021Setups

The week has ended with the price close to $1.21800 level which is now resistance for the pair. The resistance area around $1.21800 was active two weeks ago.

The $1.20800 breakout to the upside back then it was short lasting because the price returned down immediately next week.

Now the price has found support on the $1.20000 which was also a nice support two weeks ago.

The week has ended clearly above all candles from the previous two weeks and it ended with a strong bullish candle.

EURUSD Daily Forecast 08_05_2021

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EURUSD Chart Forecast

What I can see now on the market we have a tight situation because the price could not close above $1.21800. The market has buyers strong enough to break above because of two strong candles in the last two days.

Two candles were enough to wipe out all bears from the last two weeks.

Looking the past week the price slipped down to $1.20000 and then quickly returned back up. That means the buyers are holding $1.20000 level and the price will not easily go down.

The price managed to come up to $1.21800 level and it stopped there without retracing which tells me buyers are stronger than sellers.

I am expecting the price to go down around the $1.20800 level and find support for the next attack upside. The next target is $1.22000 which is strong resistance that prevented the price from stabilizing to make a next move to $1.25000.

$1.20800 was broken which means buyers are stronger than sellers and selling opportunities are not in my focus for now.

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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.

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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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