EURUSD Forecast –Weekly Uptrend Line Resistance at $1.18000

by Aug 28, 2021Setups2 comments

EURUSD Forecast

EURUSD chart analysis 

The week started in a bullish mode and ended with a bullish candle. After breaking above $1.17200 on Monday which was previous support, that level now acted as a support.

The price nearly reached $1.17200 two days in a row by retracing back, but it could not stay there for too long. Same day the price moved higher and closed the day higher than the previous day.

That was a sign of bulls, but the week ended right on the weekly up trend line which now acts as a resistance.

EURUSD Daily Forecast 28_08_2021

EURUSD Chart Forecast

On the chart we have a downtrend channel where the price reached the bottom side and then reversed back up and now has stopped right on the weekly uptrend line which represents resistance for the price.

This weekly uptrend line in the previous week acted as a resistance for the price when making a retrace from the $1.17200 support.

In this case we could see the same scenario. But how the market looks we could see the price moving higher up to around $1.18500 where the downtrend resistance line is.

$1.18500 is a confluence of resistance where the sellers could find more strength to push the price back down. Daily downtrend line resistance and weekly uptrend line resistance could pose a strong selling pressure.

The current market overview shows the $1.17200 as a support that needs to be broken in order to see the price moving down. The next goal for the bears is $1.16187 which is a strong support.

On the upper side we have now strong resistance and $1.19000 as a breakpoint for the buyers. If they manage to break above, $1.20000 would be the next target.

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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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2 Comments

  1. Sarki Benjamin

    Wonderful analysis

    Reply
  2. Manzar

    Great work

    Reply

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