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: $1.05087 And $1.05825 Range Breakout Needed

By Frano GrgićForexJun 25, 2022 12:34AM ET
www.investing.com/analysis/eurusd-forecast-105087-and-105825-range-breakout-needed-200626269
EUR/USD Forecast: $1.05087 And $1.05825 Range Breakout Needed
By Frano Grgić   |  Jun 25, 2022 12:34AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Our previous forecast had $1.03920 as a target, but the EUR/USD price was not able to move down from its current range; the $1.05087 and $1.05825 range was holding the price.

On Monday, the price had opened with a gap and returned inside the range area from where the price tried to reach higher levels. The next day, the pair reached $1.05825 resistance and bounced back down, forming an insignificant, yet bearish Pin bar. It's positioning was inside the range area which just confirmed that the price was locked in.

By mid-week, we saw the price trying to break outside of the range area, above the $1.05825 resistance level, though the price returned inside quickly. The range made clear the strength of the bulls and bears, not allowing the price to break outside.

EUR/USD Chart
EUR/USD Chart

So, we're now faced with price indecision; the price needs to be defined by the breakout on the upside or downside. The price needs to find the strength to continue moving to $1.06736 resistance on the upper side and to $1.03920 on the downside.

We saw this similar scenario back in May, when the price had a false breakout on the upside and then moved down reaching low levels. The weekly and monthly levels are still open for downside, but the current market overview is not clear enough for us to easily define where the price will move next week.

The current support level at $1.05087 is stronger than the $1.05825 as resistance, so this could be a decision factor next week. If we see price getting and staying closer to $1.05825, it will mean the supply zone above the price is weakening and breakout could be near.

$1.06736 above as a resistance is not so strong, but it acts much stronger as a support which we can see on the chart. But, the confluence of resistance will have a higher impact so we need to pay attention to this if the price manages to break above.

EUR/USD Forecast: $1.05087 And $1.05825 Range Breakout Needed
 

Related Articles

Kenny Fisher
New Zealand Dollar Extends Gains By Kenny Fisher - Aug 12, 2022

The New Zealand dollar’s rally continues. NZD/USD has reeled off four straight winning sessions and has enjoyed a superb week, climbing 3.14%. The U.S. dollar’s woes continue and...

EUR/USD Forecast: $1.05087 And $1.05825 Range Breakout Needed

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.
 
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