EURUSD Ahead of Strong Confluence of Resistance

by Nov 21, 2020Setups0 comments

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

In the analysis from the last week I said that the market does not look too bullish that would move the price easily up to $1.19000. The market overview shows just that.

The week started with the open price at $1.18395 and closed on Friday with the price at $1.18542. The difference is only less than 15 pips which shows that the price did not change too much and the market could not make a clear direction.

The pip range this week was 80 pips and it means that the price was in the indecision area. The middle of the range area between $1.17000 and $1.19000 is still holding the price from large movements.

The price succeeded to stay in the uptrend channel, but what I can see is that the price reached three times the $1.18900 level and made a pullback. This level is a strong confluence level of resistance that presents a huge obstacle for the price reaching higher levels.

EURUSD Daily Forecast 21_11_2020

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EURUSD Chart Forecast

I do not want to rule out two bearish Pin Bars on a daily time frame that are formed on the confluence level of resistance. They do not look too strong and convincing so I will wait for Monday to close.

I am expecting the price will try to break above $1.19000, but before doing that it could make a pullback to the area between $1.18150 – $1.18200 which is the current support that held the price two times this week.

That level is the key level for holding the price above. If the price breaks this level the price will have a clear way to $1.17000.

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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

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The Forex market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners.

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