EURUSD Forecast – $1.18400 As A Possible Sell Entry

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.

Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.