EURUSD Forecast – $1.19000 Is The Key Support

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Mar 6, 2021 at 9:33 AM EST

Strong bearish momentum drove the price down in just two days. For now support is holding and I think the bulls will hold the price a while.

The bears have pushed the price down to $1.19000 support without too much fight.

We can see the price has reached $1.20000 on Tuesday and made a retrace which was just bears getting out and cashing profits.

After that the price sank down to $1.19000. Strong bearish momentum drove the price down in just 2 days.

For now support is holding and I think the bulls will hold the price a while. This level was a strong resistance for bulls by the end of the 2020 year so I expect that level as a new support will hold the price from breaking even lower.

The price could find a support at $1.19000 level which will allow the price to move up. Or at least to give a solid support for making strong foundation for stronger move up.

The price could make its way up to $1.20000 which is not too strong resistance and it could reach $1.20800 level.

Current market formation does not look so bullish so I am more inclined to sell the pair on the retrace at around $1.20800 and $1.20000.

If the price breaks below $1.19000 the next support where the price will stall is around $1.17000. That was the low of a range area between $1.19000 and $1.17000.

Until the price close above $1.20800 I will not turn to bullish scenario because that is the first step for the price to make its sentiment from bearish to bullish.

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