EURUSD Forecast – $1.19000 Is Still Holding

We have an end of the week with the price around the same level where it started the week. The $1.19037 is still holding as a support.

What we can see from the start of the week is that the price has moved to $1.19037 and from there reversed back up next to resistance level at $1.20000.

From there the price returned back down and ended the week with the close right on the support level.

As I said in the previous weekly analysis the price could return back up and then back down to the support which will be an indication that we will see the price moving down from here.

I am still bearish oriented because the price is returning back to support level at $1.19037. It means the selling pressure is strong and eventually will break down.

Break down will open the road to $1.17000 support which is lower end of the previous range area.

First sign of a break below will be a daily candle close below $1.19000. If the price returns back to $1.19000 after breaking down and making a bearish price action signal on $1.19000 it will mean we have a confirmation the price is moving down.

As we can see on the $1.17000 we have confluence level of support, so that level will stop the price from falling more down.

Only strong market movements could lead the price below $1.17000 without holding the price for a while.

Until the break down below $1.19000 happens I am waiting before entering into any trade. I want to see the price below and then return back up to retest previous support at $1.19000 which will after that act as a resistance.

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 ...

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

Comments

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