EURUSD Forecast – $1.17200 Potential Selling Price

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Oct 23, 2021 at 7:31 AM EDT

The currency pair is in the downtrend so being bullish completely is not an option.

In last week's analysis I pointed out that the EURUSD price could break above $1.16187, which is the break point for bulls.

After Monday ended, the price found its way above this resistance and managed to stay above for the rest of the week.

The candles formed from Tuesday to Friday, that you can see on the chart, are all bullish and the close price is above this level. That means the bulls are strong enough to hold the price above.

After breaking above, the price returned back to test the level as a support, which gives confidence the price will respect the level in the next few days.

The currency pair is in the downtrend so being bullish completely is not an option. For now the price will find resistance on the old resistance at $1.17200 which will now be a confluence of support combined with downtrend channel resistance.

From there we can expect to have bearish signals for trading. If the price closes above $1.17200 the price will be in the range where the next resistance will be around $1.19000.

Now the market is somewhere between bulls and bears and the critical point for the bears is $1.15462. If the price manages to break below, the next support is $1.14748.

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