EURUSD Back in the Uptrend Channel

by Nov 7, 2020Setups0 comments

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

In the previous analysis I have pointed that the price could reach $1.16178 level and then make a pullback to $1.16700 – $1.17000 area.

The price did just that and reached uptrend channel support level which is a confluence of horizontal resistance and uptrend support line. From there the price returned back to $1.16178, but since then the price changed from the bearish into the bullish sentiment.

The change was because of U.S. elections and uncertainty that was present in the U.S. market.

The price has ended the week near the strong resistance level $1.19000. Strong positive news about the U.S. market did not have too much effect on the Forex market. The price reacted, but the reaction was not so significant and the price remained near $1.19000 level.

EURUSD Daily Forecast 07_11_2020

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EURUSD Chart Forecast

If we take a look at the weekly time frame we can see large bullish engulfing candle indicating the price will move further up. We need to count a strong resistance level $1.19000 which does not allow the price to move easily up.

The price has stopped in the range area from $1.17000 – $1.19000 for a long time. It has been stuck for 3 months, since July 29. Will the price manage to break above $1.19000  we will see next week.

Price is backed up with a strong weekly bullish engulfing bar and now is in the uptrend channel.

When the price reaches $1.19000 – $1.19300 level we could see the price making a pullback back to $1.18200 before moving further up. The $1.18200 is an uptrend channel support area which will stop the price from falling down to $1.17000.

Since the price managed to move above $1.17000 level I will look for bullish opportunities. First one is a pullback to $1.18200 area which will support the price for the future move UP.

If the price manages to break above $1.19000 the next resistance will be on the psychological level $1.20000.

Bearish scenario is less likely until the price closes below $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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