EUR/USD Forecast: $1.14748 Is A Decision Level For Bulls

By Frano GrgićForexJan 15, 2022 01:50AM ET

www.investing.com/analysis/eurusd-forecast-114748-is-a-decision-level-for-bulls-200614844

EUR/USD Forecast: $1.14748 Is A Decision Level For Bulls

By Frano Grgić | Jan 15, 2022 01:50AM ET

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What we discussed in last week's EUR/USD analysis, came to be, almost to a pip. The market broke out to the upside and reached a strong resistance level at $1.14748.

The week started with the retrace back to $1.13094 which is a confluence of support, i.e., consists of a downtrend line support and a horizontal support.

From there the price reversed back up and after three days the price reached a pip range of 150 pips. Three strong bullish candles show the bull’s strength.

When the strong resistance level at $1.14748 was reached, the price formed a small bearish Pin bar and on Friday bearish engulfing bar.

EUR/USD Forecast 15.1.2022

Two bearish signals on Friday reflected the market status after traders cashed out their profits post a nice move to the upside. A smart move is to be outside of the markets just in case something happens over the weekend that could have an impact.

Price is now close to the confluence of resistance where the downtrend channel line and horizontal resistance lines are crossing. We can expect the price to stall a little bit like it has now with a slight retrace.

The retrace back to the $1.14000 level, which we can see on the chart, is a good way for the price to prepare for the next move. The retrace shows us EUR strength has weakened and USD has become slightly stronger.

This is also visible on the currency strength meter on the image below.

EUR/USD currency strength

From here we can expect the price to find ground for the next move up above $1.14748. With the breakout sitting outside the downtrend channel where the price can now be found, the market will change its bias to bullish. From there, the next resistance to break is $1.16187 which is a well known level.

On the down side we have the $1.13600 level as next support below $1.14000, where the price currently sits.

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Comments (1)

Pastor Yoel Oyebanjo Jan 16, 2022 7:17AM ET

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Thank you for the analysis. it's so insightful

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EUR/USD Forecast: $1.14748 Is A Decision Level For Bulls

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