EURUSD Forecast – Bears In Front Of Bull Wall

Strong bearish candles last week were a sign of bears' strength and that has been confirmed on Monday. The price has fallen down to $1.21500 which was a sign that the price will move down.

The first step the price took was to retrace back to the uptrend support line which now acts as a resistance. This retrace was throughout the whole Tuesday.

On Wednesday and Thursday the price felt down below $1.21600 level, but the retrace was strong. The buyers have pushed the price above to keep the price above $1.21600. We can see a bullish Pinbar, but the Pinbar was not in the right place.

If I would consider a bullish Pinbar it should be next to $1.20800 level, but in this case it was not backed up with other support levels.

Friday was a day when the price continued moving down and eventually the price reached $1.20800 level.


$1.20800 is a support level that held the price from falling down in the strong bullish move in December 2020. We will see the price bouncing up from this level.

I am expecting the price to stall because there are buyers waiting and sellers will get out to cash the profits.

For now the EURUSD forecast does not look bullish. I will wait for the price breakout down below $1.20800 to change my bias to bearish. In the next week there will be more signals where the price could move in the future.

If the price finds support at $1.20800 and makes its way up above $1.21793 then I will wait for more confirmation before looking for any buying opportunities.

The market for now does not look too clear for me so I will wait for the best opportunity on Tuesday after the market makes a move on Monday.

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 ...

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