EURUSD Forecast – Bulls Holding the Price in Bullish Territory

by Jan 23, 2021Setups

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EURUSD Forecast

EURUSD chart analysis

 

Last week I pointed out the price could reach $1.20800 level and bounce back to $1.21793. The price reached $1.20800 and bounced on Monday back up.

In the middle of the week price has found sellers pressure so it returned back down to $1.20800. From there sellers have cashed out and buyers took the second turn to move higher.

By the end of the week the price had reached the $1.21793 level where it stopped and made a bearish signal. It is Friday when the market prepares for the weekend which means traders are getting out from their trades.

Those were buyers who took the profits from this bounce that started from $1.20800.

EURUSD Daily Forecast 23_01_2021

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EURUSD Chart Forecast

For the next week I am waiting for the price to make a move. If the price closes on a daily basis above $1.21793 I am expecting to reach $1.22700 level where it could find resistance.

From there we could see pullback down to $1.21793.

If the price does not manage to close above $1.21793 we could see the price moving down to $1.20800. There we need to wait what the price will do. Will it break below and target $1.20000 or will it stay inside the uptrend channel where currently is.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

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. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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