EURUSD Technical Analysis by GetKnowTrading

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EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

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The week ended with the price above the weekly starting price which was around $1.18600.

The current price is $1.18729 which means bulls have made to close the week above open price.

The bullish Pin bar from last week was not so strong indication of bulls, but this week’s engulfing candle shows me more bull’s strength.

 

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EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

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The price reached a weekly up trend line and found support.

It reversed back on Wednesday, but the following two days were bearish.

If the price forms a bullish engulfing or Pin bar around $1.17200 it will be the sign of a bullish move which could be the start of a bullish trend.

If the $1.17200 does not hold then $1.16180 is the next target.

 

[GetKnowTrading]

EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

www.getknowtrading.com

The price managed to close below previous week low and this is the second week in a row the price closed the week lower.

The whole week was moving slowly down where four of five days were bearish.

Strong confluence of support is losing the battle and we could see the price next week close to $1.17000.

The weekly overview is pointing out that $1.16180 is very close and it is stronger than $1.17000 so I am gonna pay attention on that level.

 

[GetKnowTrading]

EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

www.getknowtrading.com

The week behind has shown bears breakout below previous day candles lows which led the price to $1.17200 support level.

$1.18000 is a round number which acted as a resistance for the price and now the market looks like it has tested the resistance before the next move down.

As a first step for the price to move down and to confirm the $1.16187 as the next target is to close below $1.17200.

 

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EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

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The price has reversed from the weekly up trend line and closed below $1.17200 support level I was mentioning last week.

$1.17200 was a breakpoint for the sellers and now it is resistance for buyers.

Start of the week could have a small test of the $1.17200 before moving further down to $1.16187 which now is the next target.

 

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EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

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The price nearly reached $1.17200 two days in a row by retracing back, but it could not stay there for too long.

Same day the price moved higher and closed the day higher than the previous day.

$1.18500 is a confluence of resistance where the sellers could find more strength to push the price back down.

The current market overview shows the $1.17200 as a support that needs to be broken in order to see the price moving down.

 

[GetKnowTrading]

EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

www.getknowtrading.com

On Friday there was a slight pullback from $1.19000 which is a result of buyers exiting from the trades at the end of the week and reaching round level which is known strong resistance.

As it was mentioned in the previous weekly analysis the $1.19000 is a breakpoint for the buyers.

That means we could see price fluctuating around $1.19000 and first strong support below.

 

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EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

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From the week beginning the price has changed direction and moved down.

The price is again in the downtrend channel which suggests further move down.

The price could break below $1.18000 and then pullback to $1.18000 to confirm break down before heading down to $1.17200.

 

[GetKnowTrading]

EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

www.getknowtrading.com

On Monday the pair broke down from the confluence of support, but the day ended almost on the price the day started.

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.

 

[GetKnowTrading]

EURUSD Forecast - Get Know Trading

EURUSD Forecast for the next week on a daily time frame with previous week analysis based on the price action analysis. Check what will happen on EURUSD

www.getknowtrading.com

The market did not move too far from the price it started the week which shows indecision in the market.

What we see here on the chart is the price having a hard time to break below $1.17200 which is not nothing strange.

Similar scenario was on 19.08.2021.

When the price broke below support level and returned quickly back above $1.17200.