Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
EUR/USD Forecast: $1.07825 As A Target
www.investing.com/analysis/eurusd-forecast-107825-as-a-target-200619347
EUR/USD Forecast: $1.07825 As A Target
By Frano Grgić | Mar 05, 2022 01:15AM ET During the previous two weeks, the EURUSD price has been in bearish mode without any signs of recovering in the short term.
Only a few bullish candles have formed on the downtrend channel support line. But those candles were short lasting and did not have any support on the following candles.
We had one bullish Pin bar on the support level at $1.10755 which was a confluence of support, where the horizontal support line and downtrend channel were crossing. And when that confluence was broken the next day, the price fell 200 pips to the strong support level at $1.08846.
This support held the price in the past from falling further, and we have the same scenario now. The price reached the support level and then bounced back up with the price now between support and its resistance line.
This week, we can expect to see the price move even lower due to the situation inside Europe where the euro currency is losing its strength.
This is visible on the currency strength meter which shows EUR strength is very low, as it loses against all other currencies.
The first obstacle hitting further price reduction is the $1.08846 support level, which was a technical level that held the price in the past. Once breached, the next support level was found at $1.07825. This level provided strong support in the past, which is why we can expect to find more buyers at that level who will hold the price and try to recover it from low levels.
When EUR/USD reaches $1.07825, we can expect the price to retrace and return back to $1.08846. This can be a trading opportunity to watch, but only if there is a bullish price action signal on either the daily or H4 time frame.
The second level the pair could reach at the retrace would be $1.09860 which is the next resistance for the price.
The upcoming week, and for the foreseeable future, will be fraught with uncertainty due to the current situation, but we can use technical analysis to predict where the price could move.
Even if the market is bearish, we could see a bullish reaction on the strong support level. If the price does not retrace from $1.07825, we could see it heading down to $1.06736, which is also a strong support level.
Related Articles
EUR/USD Edges Lower as Investors Brace for Central Banks
By Alex Boltyan - Jan 30, 2023
The EUR/USD pair ended Monday slightly lower after opening the week on a solid note and briefly rising above the 1.0900 level. Most crosses in the FX market remain trading within...
EUR/USD Vs. DXY: February Levels and Targets
By Brian Twomey - Jan 31, 2023
If DXY and Fed interest rates were excluded from markets, then no such concept as currency markets would exist. If DXY and Fed interest rates were excluded from American markets,...
EUR/JPY Consolidates in Tight Range
By Trading Point - Jan 31, 2023
EURJPY has been experiencing a downtrend since mid-October when the price peaked at the eight-year high of 148.39. In the short-term, the pair has been moving without a clear...
EUR/USD Forecast: $1.07825 As A Target
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
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.