by Sep 3, 2020EURUSD Forecast

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The EURUSD has continued to move down and the price reached first support below $1.19000 which was mentioned in the yesterday analysis.

The first support is $1.18398 which is a support confluence. At this level we have an uptrend support line that crosses the horizontal support line.

At this level the price stopped and made two bullish Pinbar. Those two bullish Pinbar did not provide too much support for the price because the price is trying to move further down.

The big move down from yesterday was during European trading session when the large bearish candle has formed. The U.S. trading session did not back up the European session and the price stalled.

EURUSD Daily Forecast 03_09_2020

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EURUSD Chart Forecast

As the market condition looks like we have a bearish scenario where the price cannot find strong enough support to back it up for move up. Sellers are in control and what we can see is that the daily Pinbar formed two days ago is giving its results.

The price is moving down and the next support level where it could find support is at $1.17842. This level has been a support for the price last week as we can see on the chart.

There we could see some pullback back to $1.18398 resistance.

As we can see the stronger move down can be during European or U.S. trading session. While the price has broken below the uptrend support line we could see very soon the price reaching the next support level.

While the price has reached the inside range area and strong bearish signals are controlling the market I am bearish oriented until the price reaches $1.17000 level.

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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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