Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

EUR/USD Forecast

Published 11/05/2022, 01:09 AM
Updated 07/09/2023, 06:32 AM

The previous EUR/USD forecast discussed a monthly level of $0.99134 as a decision level. The Monday candle closed below the support level and continued to move down the following days.

The price tried on Tuesday and Wednesday to return up, but the price only bounced from the daily uptrend trend line and returned down.

On Tuesday, we have a bearish pin bar suggesting a move down after testing the previous support as a resistance at $0.99134.

On Wednesday, the price tried again to return up, but it only bounced and closed the day below the bearish Pin bar, which suggested a further move down.

On Thursday, the price dropped slightly more, and on Friday, the price returned when the week started. The price has recovered all that was lost from the week's start and closed the week almost at the same price.


EUR/USD price chart.

EUR/USD Chart Forecast

Weekly candle has closed as a bullish pin bar on the critical level at $0.99134. It is a level that has monthly, weekly and daily implications for the price.

With a bullish pin bar on weekly time, the overview shows further move up. Before that happens, we could see the price on a daily time frame to return slightly down to confirm this support level. $0.98800 is where we could see the price returning and finding support.

The next level for the bulls is $1.00400 on a weekly and daily time frame. This level is visible as a confluence for the bulls and bears, and we could see the price stopping there before moving further up.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

If that resistance is broken, the next level is $1.01368, which is weekly and daily resistance, and the price will find a supply zone with sellers waiting to push down. And the buyers will exit from their trades which will help the price to fall.

On the other side, if we see the price closing the day below $0.98800, the next support is at $0.98100. It is the last support before $0.96716, but it is an area of confluence of support. So the price will have support from the downtrend and small uptrend channel support level.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.