EURUSD In the Middle of Range Area

by Nov 14, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

In the previous analysis I have pointed out that the two things can happen.

  • the pair could reach $1.19000
  • and then make a pullback to $1.18200.

Both points were realized last week in just one day, on Monday.

The price did not stop at the $1.18200, but it broke through the uptrend channel support line. It stopped at the $1.17500 level and bounced back to the uptrend channel support line.

It seems that the range area between $1.17000 and $1.19000 is still holding the price from moving up or down.

EURUSD Daily Forecast 14_11_2020

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EURUSD Chart Forecast

Since the price broke below the uptrend channel support line and it bounced back to the same level I am now open to sit and wait.

The reason is that the price is in the middle of the range area and it stopped at the uptrend channel support line.

I do not see strong enough bullish candles that could point a move back to $1.19000.

Last week bearish candles seemed much stronger which tells me that there are sellers still waiting to prevent the price from moving higher.

I am more open to waiting for the price to reach the $1.17000 level and from there look for bullish opportunity.

I am still bullish oriented because the price is above the $1.17000 level and weekly market overview looks bullish.

If the price manages to break below $1.17000 I will see if the market looks bearish before entering into the trade.

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

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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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