EURUSD Forecast – Pair Is Heading Down To $1.11871

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Nov 20, 2021 at 9:29 AM EST

It is a strong indication that the EURUSD is in the selling mode for the last two weeks.

The price has reached the previous analysis goal and that is $1.13094 support level. The price started the week in bearish mode and stayed like that until Thursday. Then the price made a retrace after hitting the support level.

As said last week the $1.13000 is a strong support where the price could bounce back to $1.14000. And the price bounced almost to $1.14000.

After that the price returned back down and closed the week below $1.13000.

It is a strong indication that the EURUSD is in the selling mode for the last two weeks. The bearish candles on the chart clearly show that.The price has moved outside of the downtrend channel and stopped for a while on the $1.13000 level.

From here the price has $1.11871 as a next support.

From the current price there is nothing that could represent the support for the price.

If the next Monday closes below current price then $1.11871 is the next stop for the price. This support level was touched last time in June 2020 and represented a strong support for the price.

So, we can expect the same scenario here.

Video length 00:01:19

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