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: $1.14748 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
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

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
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
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.

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

Related Articles

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

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)
Pastor Yoel Oyebanjo
Pastor Yoel Oyebanjo Jan 16, 2022 7:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thank you for the analysis. it's so insightful
 
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