EURUSD Forecast – Start of the Bullish Mode

by Apr 17, 2021Setups

The pair managed to break above $1.19000 which turned the market slightly into bullish mode.

After last week engulfing candle the pair has found strength to move 100 pips up and reach key level at $1.20000.

The move last week was not so strong and the weekly range of 100 pips tells me that the pair had a hard time to move up. Sellers were not willing to give up easily.

Only one bearish candle has formed on Thursday, but its shape and size tells me that it was only a small portion of traders who got out and cashed their profits.

EURUSD Daily Forecast 17_04_2021

The best Harmonic scanner

From $24.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

EURUSD Chart Forecast

As I said in the previous week analysis the price will look more bullish if it closes above $1.19000. Now I can say that the market really looks bullish and I expect the price to reach $1.20800 which is major resistance for the pair.

Weekly chart tells me that weekly close has confirmed future move up because the close is above previous weeks close. That means the pair managed to break above key levels which will open the road for the bulls.

If the price reaches $1.20800 and closes above on a daily time frame the next big resistance is at $1.21793.

On the other way around if the price closes below $1.19000 it will open the road to $1.17000. Bearish scenario is really less likely, but if Monday shows some strong bearish sign I cannot rule out a bearish scenario.

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

Trading Analysis Bonus

As a bonus I am sending entry ideas.

ONLY for G-Trader members.

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.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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.

The best Harmonic scanner

From $24.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

FREE WORKSHOP

For beginners who does not know how and where to start with trading

In the workshop I will tell you

what steps to do in order 

to transform yourself into a trader

Beginners Online Course

Check the best online trading course for beginners

The best Harmonic scanner

From $24.99 / month

8 Harmonic patterns

9 Standard patterns

Web based platform

Real time notifications 

0 Comments

Pin It on Pinterest

Shares
Share This