EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price is moving as predicted on the yesterday ‘s analysis and on Saturday analysis. It is moving at a slow pace and breaking support levels targeting $1.17000.

Yesterday the $1.17842 support level did not hold.when the price reached this support a small pullback happened that did not last too long.

The price could not pull back to $1.18398 resistance level which tells me that the price is under bearish pressure.

Last bearish candle on the chart has closed below $1.17842 support on H4 level which tells me the price will have an easier way to move further down.

Yesterday the price had 65 pips daily range which goes inline with yesterday’s analysis about how many days it will need to get down to $1.17000.

EURUSD Chart Forecast

If nothing changes on the market, like news with bad news for EUR or news too good for USD, we could see the price moving down.

At this level where the price is now it will find some buying pressure because this level was hard to break down on August 21 and 27. We can see the price has reversed on those dates from falling down to $1.17000 into a bullish scenario and the price reached new highs, $1.20000.

I am still bearish and there could be some buying opportunities when the price reaches the $1.17000 level. To get into buying order I am waiting for the price to show me that signal before entering into any buying trade.

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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

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.