EURUSD Forecast – $1.16187 Is A Bulls Break Point

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Oct 16, 2021 at 9:33 AM EDT

Current market overview is somewhere between bulls and bears and it is best to wait until the price clears the way in one of the directions.

The small support at $1.15462 was strong enough to stop the price from falling down to $1.14748 which is strong support for the price.

The price had an indecision week where small indecision candles formed on the support confluence between horizontal support and downtrend channel support level.

On Tuesday the price broke below and closed the day below indecision candles, but on Wednesday the price found buying pressure and took the price higher above all previous daily candles.

The market formed a bullish engulfing candle which shows bulls strength around $1.15462.

Price reached $1.16187 which is now resistance, but it could not move above this level. Selling pressure was strong enough to prevent price reaching higher levels.

The price is now between two levels which showed strong pressure, $1.15462 with bulls and $1.16187 with bears pushing the price in the opposite direction.

We need to wait and see will the price close above $1.16187 which will then leave open space towards $.17200.

If the price breaks below $1.15462 it will have open space to $1.14748.

Current market overview is somewhere between bulls and bears and it is best to wait until the price clears the way in one of the directions.

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