by Sep 23, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price finally found a way outside of the range between $1.17000 and $1.19000.

The range was holding the price for almost two months. The range started at the end of July and lasted until yesterday.

The yesterday daily candle has closed below candles close of the previous days. Those candles close was a horizontal level at $1.17000 I have been waiting for.

The last two days candles were strong bearish candles that indicated the price could move down. If you take a look in the range area there were no similar strong bearish candles like these ones.

EURUSD Daily Forecast 23_09_2020

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EURUSD Chart Forecast

While the price has broken below strong support level $1.17000 the next step is to reach first strong support level. That is $1.15462 which was a strong support in the past.

Before reaching that level the price could find smaller support at $1.16178 which was a nice resistance level when the price was moving up.

On the H4 time frame it is visible that the price has found some resistance before entering into the range area in the end of July.

The market looks bearish and I am looking only for bearish signals for now. Until the price reaches the $1.15462 level I am not looking into bullish opportunities unless there is a strong bullish signal which is unlikely, but there is always a possibility.

EURUSD H4 Forecast 23_09_2020

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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 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.

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