EURUSD Forecast
EURUSD chart analysis
The bears have pushed the price down to $1.19000 support without too much fight.
We can see the price has reached $1.20000 on Tuesday and made a retrace which was just bears getting out and cashing profits.
After that the price sinked down to $1.19000. Strong bearish momentum drove the price down in just 2 days.
For now support is holding and I think the bulls will hold the price a while. This level was a strong resistance for bulls by the end of the 2020 year so I expect that level as a new support will hold the price from breaking even lower.
EURUSD Chart Forecast
The price could find a support at $1.19000 level which will allow the price to move up. Or at least to give a solid support for making strong foundation for stronger move up.
The price could make its way up to $1.20000 which is not too strong resistance and it could reach $1.20800 level.
Current market formation does not look so bullish so I am more inclined to sell the pair on the retrace at around $1.20800 and $1.20000.
If the price breaks bellow $1.19000 the next support where the price will stall is around $1.17000. That was the low of a range area between $1.19000 and $1.17000.
Until the price close above $1.20800 I will no turn to bullish scenario because that is the first step for the price to make its sentiment from bearish to bullish.
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Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
