EURUSD Forecast – $1.19000 Is The Key Support

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.

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.