EURUSD Testing $1.17000

by Oct 17, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD has made a pullback this week after it confirmed breakout from the descending channel.

On Monday, October 12, the pair formed an indecision candle that stopped price moving higher.

Since then the pair was making bearish candles. On Wednesday the pair formed again indecision candle after which the pair made another bearish candle

And finally the price stopped at the strong support level at $1.17000.

The close of the Friday candle did not close below which tells me that the price has found strong support.

From there the price made a bullish pullback, but at the end of the day the price returned back to around $1.17000.

EURUSD Daily Forecast 17_10_2020

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EURUSD Chart Forecast

Until the daily close is above $1.17000 level I am looking for bullish entries. The upper price level where the price could go until it finds strong resistance is $1.19000.

Even though the price has made a few strong bearish candles I will wait for a bullish signal as a price action signal in the form of a bullish Pinbar or engulfing candle.

As it looks like, the strong bearish candles are suggesting that the price has a hard time to move UP so it is good to wait and pay attention on Monday close.

Usually the market uses Monday to find a base for further move.

It is not bad to mention that on a monthly basis we have a bearish engulfing candle which is formed at the strong resistance $1.20000 level.

The pullback on the monthly basis is on 50% Fibonnaci retracement which could indicate further move down.

But, as I said, I am still bullish until the price is above $1.17000. If the price manages to close below the price could move down to $1.15462 support which is also a monthly strong support.

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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 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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