by Sep 5, 2020EURUSD Forecast

EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD price has closed the day in an area between two small resistance and support lines. The area between $1.18398 and $1.17842 has held the price previous week in between until the price has broken outside and reached new highs, $1.20000 level.

The price has broken outside the daily uptrend channel and tested the previous support line that is now acting as a resistance.

The 4H uptrend support line is still holding the price inside the channel where a wick on the 4H candle has managed to break down and touch the $1.17842 support. After touching the price pulled back inside the uptrend channel.

News published yesterday where the U.S. data were positive has prevented the price from moving higher. The price close below the previous day candle close which is showing us the price is moving down.

EURUSD Daily Forecast 05_09_2020

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EURUSD Chart Forecast

The daily Pinbar from Tuesday was a strong signal that is still pushing the price down. The price has stalled on the daily uptrend support, but as it looks like we could see the price even more down.

The first step for the price is to break below a small range area where it is now located and then to reach the first support level.

First support level below $1.17842 is $1.17200. We could expand that support level all around $1.17000 level that stretches from $1.16970 – $1.17200.

When the price reaches that level we could see the price reversing because of a strong support level that has held the price above since the end of July.

I am bearish oriented on this pair until the price closes above $1.19000 which is an important level for buyers. If the price closes below $1.17000 we could see the price changing its direction from bulls to bears for a longer period.

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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 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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