EUR/USD Forecast
Frano Grgić | Nov 05, 2022 01:09AM ET
The previous EUR/USD forecast discussed a monthly level of $0.99134 as a decision level. The Monday candle closed below the support level and continued to move down the following days.
The price tried on Tuesday and Wednesday to return up, but the price only bounced from the daily uptrend trend line and returned down.
On Tuesday, we have a bearish pin bar suggesting a move down after testing the previous support as a resistance at $0.99134.
On Wednesday, the price tried again to return up, but it only bounced and closed the day below the bearish Pin bar, which suggested a further move down.
On Thursday, the price dropped slightly more, and on Friday, the price returned when the week started. The price has recovered all that was lost from the week's start and closed the week almost at the same price.
Weekly candle has closed as a bullish pin bar on the critical level at $0.99134. It is a level that has monthly, weekly and daily implications for the price.
With a bullish pin bar on weekly time, the overview shows further move up. Before that happens, we could see the price on a daily time frame to return slightly down to confirm this support level. $0.98800 is where we could see the price returning and finding support.
The next level for the bulls is $1.00400 on a weekly and daily time frame. This level is visible as a confluence for the bulls and bears, and we could see the price stopping there before moving further up.
If that resistance is broken, the next level is $1.01368, which is weekly and daily resistance, and the price will find a supply zone with sellers waiting to push down. And the buyers will exit from their trades which will help the price to fall.
On the other side, if we see the price closing the day below $0.98800, the next support is at $0.98100. It is the last support before $0.96716, but it is an area of confluence of support. So the price will have support from the downtrend and small uptrend channel support level.
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