EURUSD Forecast
EURUSD chart analysis
On Monday the pair broke down from the confluence of support, but the day ended almost on the price the day started.
It was a sign of confluence, but on Tuesday we had a nice bearish Pin bar pointing down because of daily close below Monday close.
And on Thursday we had a strong bearish move which lasted until the end of the week. This move shows us a strong bearish attack on the $1.17200.
EURUSD Chart Forecast
Usually we have Friday as a day when the market slows down and pulls back from the direction it had on Thursday. Pullback happens because it is the end of the week and many traders cash out to be safe over the weekend.
This time there was no pullback telling me the market was so strong there were no buyers enough to make a visible impact on the market direction.
The price stopped on the strong support $1.17200 which is well known in the last few weeks. From this level the price reversed back up on 20.08.2021. so we could see some price confluence here.
But, most likely the price is heading down, below $1.17200 towards $1.16180 which is now a strong confluence of support. We have horizontal support line and downtrend support line crossing.
What we could see is the price pulling back from $1.17200 to $1.18000, up to the downtrend resistance line and then continuing moving down to $1.16180.
Buyers will take over the market direction only if they manage to close the price above $1.19000. Until then the market is in bearish sentiment.
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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.
