EUR/USD Still Targets $1.07825
Frano Grgić | Mar 12, 2022 01:03AM ET
Last week
The final target is $1.07825 because it is the strongest support the price has in front of it. The weekly support of $1.08846 is not that strong nor significant in the current market overview since it did not hold the price during the previous two week's bearish and bullish scenarios.
The price could stall a little bit, but it will eventually break below. If the price breaks below $1.08846 on a daily basis, we can be sure the price will head down to $1.07825. Entry level would be around $1.09860 if the price makes a bounce from $1.08846. Stop loss would be at $1.10500 which is above Friday's candle high and it will be close to the confluence of resistance. If the price closes below $1.07825, then next support is $1.06736. But to get to this level the price has to show strong selling pressure.
On the upper side we need to see the price above $1.10755 to think about a bullish scenario and seek out bullish entry levels, which are where the price needs to break above to show some strength that could shift the market sentiment from bearish to bullish.
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