EURUSD Forecast – Tough Fight Follows

by Jan 9, 2021Setups0 comments

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EURUSD Forecast

EURUSD chart analysis

 

Monday was pretty unclear because a large bearish Pinbar formed after Friday’s sell off. On Tuesday the price started to climb up and closed the day below previous candles close which was not clear sign will the price manage to break higher.

Wednesday was the day when the price broke out from the small range. But the breakout was a false signal where the price on Thursday returned back down.

The return inside range was strong. Two large bearish candles have wiped two weeks’ bulls’ work.

The price stopped at the support level $1.21793. That level is the previous confluence of support which is now preventing the price from falling down.

EURUSD Daily Forecast 09_01_2021

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EURUSD Chart Forecast

The market has changed in the last two days and strong bearish candles tell me the price could move more down. I will take this fall with reserve because it was Friday when the market makes creative moves.

I will wait for Monday to finish to see where the price is heading.

For now as it looks the price needs to close below $1.21600 on a daily basis to see resistance level $1.20800 as a next support.

If the price does not close below $1.21600 it could stay inside the range between $1.21793 and $1.22845.

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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. 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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