EURUSD Forecast – $1.18400 As A Possible Sell Entry

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Apr 2, 2021 at 11:11 PM EDT

There is a small sign of bullish strength, but I need to see more of it next week.

Strong selling pressure pushed the price down to $1.17203 support level where the minimum price $1.17030 was reached.

Week has started with small volatility and ended as a bearish candle. It was a sign that buyers are not able to do any change in market direction.

When the price reached support at $1.17203 it bounced up, and the bullish candle closed above previous H4 support at $1.17686 which is now resistance. It is a small sign of a bullish strength, but I need to see more of it next week.

It will not be too easy to break below $1.17000 support, so I am expecting the price to reach $1.18400 which is the level that previous bullish candles has reached after hitting $1.17200 support.

From $1.18400 there is more chance to see sellers pushing the price again down and making selling pressure to $1.17000 which will eventually lead to break out below.

Looking on the weekly chart it looks like it is ready to move down to reach $1.16183 support level.

When Monday ends it will be more clear, I hope, to determine if the above analysis finds support in the price movement.

I am still bearish oriented because of the weekly market overview which suggests to me the bears are running the game at the moment.

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