Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

EUR/USD Forecast: $1.03920 Is Targeted

By Frano GrgićForexJun 11, 2022 01:01AM ET
www.investing.com/analysis/eurusd-forecast-103920-is-targeted-200625622
EUR/USD Forecast: $1.03920 Is Targeted
By Frano Grgić   |  Jun 11, 2022 01:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Our previous EUR/USD forecast discussed why $1.06736 needed to hold if we wanted to see higher prices for EUR/USD. The price returned to $1.06736 and formed a bullish Pin bar on the daily time frame.

EUR/USD moved higher and reached the $1.07825 supply zone which was too hard to break. We can see a large wick on Thursday's daily candle where the price could not close the day above previous day's candle highs.

From there the price slid down and formed a strong bearish engulfing candle that closed the day below the previous weekly false breakout downwards.

The price continued moving down and on Friday, broke the  $1.05825 support level without any problem. The price stopped at $1.05087 support comprising a support confluence with an uptrend support line and horizontal support line.

EUR/USD Forecast
EUR/USD Forecast

This coming week, we could see the price close to $1.05825 which will be a breakout confirmation. It is the first resistance and confluence of resistance with the uptrend support line that now comprises the resistance and horizontal resistance line.

The possible level for the price to reach is $1.05600, which is higher than that reached on the previous reversal attempts, after a sell off, so we can expect the same reaction and target.

From there the $1.05087 support could hold the price for a while, but when we look at the weekly time frame, we can see a strong bearish candle that shows the price will move down, making the next target price $1.03920. 

However, before that, we'll need to wait until the price breaks the current support level. The current price level was on the low side of April's range, so we can expect the price to stall for a while.

Looking for a sell entry around $1.05825, as the resistance level is a nice spot. But best to wait for the price action sign that will signal the price will move down.

EUR/USD Forecast: $1.03920 Is Targeted
 

Related Articles

Kenny Fisher
GBP/USD Soars As U.S. Inflation Falls By Kenny Fisher - Aug 10, 2022

The British pound has surged in today’s North American session. GBP/USD has jumped a massive 1.20% on the day and is trading at 1.2218. US Inflation Lower Than Expected The...

EUR/USD Forecast: $1.03920 Is Targeted

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Jona Prz
Jona Prz Jun 12, 2022 3:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
awesome
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email