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EUR/USD Forecast: Bulls Target $1.06400

By Frano GrgićForexMay 21, 2022 12:29AM ET
www.investing.com/analysis/eurusd-forecast-bulls-target-106400-200624646
EUR/USD Forecast: Bulls Target $1.06400
By Frano Grgić   |  May 21, 2022 12:29AM ET
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In our previous forecast, we anticipated EUR/USD retracing to $1.04700, which occurred—and pretty quickly at that, taking only two days to reach that level.

On Tuesday, the price made a strong bullish candle reaching high levels inside the previous range area. After that, the pair retraced back down to $1.04600 and from there a strong bullish engulfing candle broke through the previous range and closed the day above a previous candles body within the range area.

This was a strong sign of bull's strength which is an indication of the future move.

On Friday, we had a small retrace where traders exited trades, taking profits created by the strong move upwards.

EUR/USD Daily Chart
EUR/USD Daily Chart

With strong bullish candles, and breaks of some critical levels to the upside, we can see the price moving up.

The retrace on Friday was a nice move that took the price to the first support area, a demand zone around $1.05087. And since the candle close was above previous candle body highs, which is a good signal, we expect the price to trend to higher levels.

From here we can expect the price to reach close to $1.06400, a level that is higher than the previous bullish attempt. But, the downtrend channel resistance line is preventing the price  from reaching higher levels. Plus, we also have a confluence of resistance above the channel resistance line that will be problematic for the price.

On the downside, we'll need the pair to move back below $1.05000 in order for us to continue looking for lower levels. Until that happens, we need to wait for the price to move outside of its previous range area.

EUR/USD Forecast: Bulls Target $1.06400
 

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EUR/USD Forecast: Bulls Target $1.06400

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Comments (2)
BREKiNG NEWS
BREKiNG NEWS May 22, 2022 4:51AM ET
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great sir🚀🚀🚀
Fazal Rahim
Fazal Rahim May 22, 2022 2:30AM ET
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we hope it will reach 106
 
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