EURUSD Heading to Strong Confluence Level of Resistance

by Oct 24, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD found strong support at the $1.17000 and for the whole week the pair is moving higher. The rise of a price was stopped at the resistance level of a new uptrend channel.

The resistance level forced a pullback, but the pullback didn’t last for too long. The price returned back and continued moving higher.

The pair formed three strong bullish candles which is evidence of buyers strength.

EURUSD Daily Forecast 24_10_2020

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EURUSD Chart Forecast

End of the week formed a bullish engulfing candle suggesting further move up at the beginning of the next week.

The pair is very close to the strong resistance level which is defined by the uptrend channel resistance and horizontal resistance.

The third point that will have an impact on the pair from moving higher is the $1.1900 level which is the hard obstacle for the pair since July. Since then the pair cannot break above and stay above.

One attempt was at the start of September, when the price broke above and returned sharply down. The false breakout is visible as a daily bearish Pinbar after which the price falls down to three month low, $1.16178.

I am expecting the pair to stall at the $1.1900 before trying to break above. We could see a pullback to $1.17800 – $1.18000 area where the price could find support for next move up.

If the price breaks above the next resistance is at $1.2000 which is strong resistance.

Since the pair is above $1.17000 I do not expect the pair to change the direction. I am still bullish, but I will wait for the reaction at $1.19000 which will make some confluence.

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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.

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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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