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 ...

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.