EURUSD Technical Analysis by GetKnowTrading

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EURUSD Forecast – Indecision Range - Get Know Trading

EURUSD Forecast – Indecision Range

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The price started with an indecision candle where the bulls and bears could not take the price to higher or lower levels.

On Tuesday the price strongly moved down making a breakout from the small range that has formed in the previous week.

On the upside we have $1.03600 as a bulls target where the price needs to break above $1.02660 to reach higher levels.

We have now a downtrend resistance line that is on the $1.02975 which will make small pressure on the price and prevent reaching higher levels.

 

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EURUSD Forecast – Pullback With $1.03920 Target - Get Know Trading

EURUSD Forecast – Pullback With $1.03920 Target

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We had a false breakout to the upside where the second candle had returned the price back inside the price range.

When the price reached the resistance line the price broke to the upside and closed the day above price range.

The price could reach $1.02000 level to find better support for future move up.

We now have a price between upper level of a price range and resistance level at $1.02975 which needs to define where the price will move.

 

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EURUSD Forecast – Price Heading Towards $0.99134 - Get Know Trading

EURUSD Forecast – Price Heading Towards $0.99134

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At the end of the week strong selling pressure took the price below $1.01368 support and reached almost parity.

Small bounce back to $1.00700 is likely because this level is a small resistance level where price reacted when moving down.

Long term target is $0.99134 as a strong demand zone where the price will stop moving down.

For now we can expect $1.0000 as a first support and then $1.0070 as a first resistance level.

 

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EURUSD Forecast – Indecision Breakout Needed - Get Know Trading

EURUSD Forecast – Price Heading Towards $0.99134EURUSD Forecast – Indecision Breakout Needed

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The first day of the trading week the price reached parity and on Tuesday it reached $0.99000

Both, bulls and bears, are pushing in the thier direction, but the last two days shows bulls trying to move the price higher.

In the next week I am expecting the price to make a breakout to the upside reaching $1.00400 which is above previous candle wicks.

From there we need to see will the price return down because of selling pressure or it will stall and try to break to higher levels.

 

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EURUSD Forecast – Indecision Downside Breakout - Get Know Trading

EURUSD Forecast – Indecision Downside Breakout

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The price broke out on Monday with a small bullish candle which continued for the next two days.

The price managed to reach the first small supply zone around $1.00570 and then stopped.

For the next week we need to wait for the price to make its way outside of the indecision area like this week.

If the price breaks out to the downside and the second candle closes below the first candle it will be indication of bearish pressure and price will mode to $0.96716 support level.

If we check currency strength meter we can see that USD strength is much stronger than EUR.

 

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EURUSD Forecast – $1.01368 Expected - Get Know Trading

EURUSD Forecast – $1.01368 Expected

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The breakout was a false one on Tuesday and what usually happens after a false breakout the price moved in the opposite direction.

Friday shows price decline after traders taking profits around $1.01368 who bought the price at the $0.99314 which activated a sell off returning the price down.

Next week we need to see the price above the small downtrend channel resistance line with daily close above which will allow price reaching $1.01368 level.

We can expect bearish candle at the confluence area of resistance with price targeting to reach the upper side of the current indecision area which is around $1.0000.
Currency strength meter

 

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EURUSD Forecast – $1.01368 Expected Despite False Breakout - Get Know Trading

EURUSD Forecast – $1.01368 ExpectedEURUSD Forecast – $1.01368 Expected Despite False Breakout

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The price opened a week with a gap to the upside and reached the weekly target mentioned last week.

The strong bullish trigger to the upside pushed the price higher and the price reached $1.01960.

The price still needs to break above the small downtrend channel resistance line and small supply zone slightly above that resistance line.

And then the strong supply zone around $1.01368.
currency strength meter

 

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EURUSD Forecast – $0.94861 Sellers Targeting - Get Know Trading

EURUSD Forecast – $0.94861 Sellers Targeting

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On Monday the price formed a bullish candle with daily close above previous day candle close.

This was indication the price is continuing moving in the same direction as the previous week has ended.

The first small support and demand zone that will hold the price is $0.96000 price that acted as a support in the previous bearish attempt to reach lower levels.

From there we can expect the price to return back up and if the bulls are strong enough the price could reach the first supply zone at $0.98300.

 

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EURUSD Forecast – $0.99134 Decision Level for the Bulls - Get Know Trading

EURUSD Forecast – $0.99134 Decision Level for the Bulls

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The price reversed from that demand zone and formed a strong bullish engulfing candle that took the price back to downtrend channel resistance line which is a small confluence of resistance with supply zone at $0.98300.

Higher price level where we can expect the price is around $0.99134 which is the first strong resistance for the price.

On a weekly time frame and monthly time frame we have a price in between support and resistance level where a bullish scenario is likely on a short term.

 

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EURUSD Forecast – $0.96716 First Obstacle for Sellers - Get Know Trading

EURUSD Forecast – $0.99134 Decision Level for the BullsEURUSD Forecast – $0.96716 First Obstacle for Sellers

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Previous EURUSD forecast mentioned the price could reach $0.99134 and the price succeeded in the first two days.

With closing below support level and on Thursday testing $0,99134 as a resistance level it was a confirmation the price will move down.

The price is falling down and the next support is at $0.96716 where we have a demand zone where the sellers will get out.

The bounce from $0.96716 is likely to reach $0.97000 and then $0.98000 which are smaller resistance levels.