EURUSD Forecast – $1.19000 As A Double Top

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Sep 11, 2021 at 8:35 AM EDT

From the week's beginning the price has changed direction and moved down. The confluence of support stopped the price, but did not last too long.

A bearish Pin bar was a signal there will be a bearish move. And the double top that was formed was also a nice bearish signal.

From the week beginning the price has changed direction and moved down. The confluence of support stopped the price, but did not last too long.

Friday was also a day when the price continued its move down. But the price could not close below the weekly trend line.

The best is to wait for Monday to close to see if the price will close below the weekly uptrend line which will be a good signal for sellers.

The price is again in the downtrend channel which suggests further move down. The first stop is around the $1.17200 level which had an impact in the past on the price. The price could break below $1.18000 and then pullback to $1.18000 to confirm break down before heading down to $1.17200.

The area around $1.17200 had an impact on the bears so we can expect the same scenario.

Bulls need to move the price above $1.19000 to change the market direction. Currently the market is bearish and the first possible level is $1.17200 where the bulls could make some impact.

Until then I am bearish oriented.

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