EURUSD Technical Analysis by GetKnowTrading

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The EURUSD price was ranging the whole week where we had two strong moves outside the range area.

The week started with two bearish candles where Tuesday’s candle closed below previous daily closes.


The price could find support at $1.11871 and return back up because the price is now in the indecision area.

We have strong buyers at $1.11871 and strong sellers at $1.13600.
EURUSD Daily Forecast 18_12_2021.png
 

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Last two weeks the EURUSD price was in the range between $1.12350 on the bottom side and $1.13600 on the upper side.

The price closed the day $1.13466 which is the price above previous days candles close.

The next step is to move above $1.14000 which is now the first resistance.

And then the final resistance is $1.14748.

EURUSD Daily Forecast 1_1_2022.png
 

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Week started with the bearish candle and reached a $1.13094 resistance level.

And then on Friday the price moved strongly up and closed again the week above previous daily candles close.

The price is now in the channel where $1,14000 level is highly possible.

The $1.14748 level is the next strong resistance where we can expect the price to stall.
EURUSD Daily Forecast 8_1_2022.png
 

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EURUSD Daily Forecast 15_1_2022.png




The market broke out to the upside and reached a strong resistance level at $1.14748.

When the strong resistance level at $1.14748 was reached the price formed a small bearish Pin bar and on Friday bearish engulfing bar.

The price is now close to the confluence of resistance where the downtrend channel line and horizontal resistance line are crossing.

From there the next resistance to break is $1.16187 which is a well known level.

Currency strength meter CSMapp
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EURUSD currency strength meter.png
 

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The price has returned to previous low levels where the price range was holding the price for almost two months.

The price range is from $1.12645 to $1.13427.

To make the market more bearish I want to see more bearish signals around $1.14000 and downtrend channel resistance.

We could be for the next week in a price range where the price will test upper and lower limits.
 

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EURUSD Daily Forecast 29_1_2022.png

The price has dropped strongly after the first two days where we can see two bearish candles with large wicks.

Those wicks representing the price had a strong support at the $1.13094 level.

What we can expect in the following days is the price returning back to resistance level at $1.11871 which is now a confluence of resistance where horizontal support line and downtrend channel trend line are crossing.
 

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Starting from Monday we can see bulls have taken over and push the price back in the downtrend channel.

The price is close to the scenario where the market shifts from completely bearish market sentiment to bullish sentiment.

If the price manages to close above $1.14748 and then $1.15462 we can say the market is in the bullish sentiment.
EURUSD Daily Forecast 5_2_2022.png
 

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The price started the week with weak bearish candles where the candles closed close to support at $1.14000.

That support level is a confluence level of support where we have a downtrend channel line that supported the price from falling down.

We can expect the price to reach the support level at $1.13000 and from there we need to see what happens.

If the price created bullish candles or price action candles suggesting a move up, like bullish Pin bar or Engulfing bar, then we can say the bulls are trying to make a move upwards.
EURUSD Daily Forecast 12_2_2022.png
 

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As planned in the previous analysis the price reached $1.13000 and bounced back up.

Week started with price heading down and entering into the range area.

If the price makes a breakout to the upside it should close above $1.14000 to start looking for bullish entry levels.

This will mean the price has strength to break two resistance levels which could be indication for a breakout above $1.14748.
EURUSD Daily Forecast 19_2_2022.png
 

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In the previous two weeks the price is in bearish mode without any signs of recovering in the short term.

We had one bullish Pin bar on the support level at $1.10755 which was a confluence of support where horizontal support line and downtrend channel are crossing.

We can expect next week to see the price even lower than we have seen this week.

And the reason is the situation inside Europe where the Euro currency is losing its strength.

This is visible on the currency strength meter which shows EUR strength is very low. It shows the strength of the Euro that is losing strength against all other currencies.
EURUSD Daily Forecast 5_3_2022.png


When the price reaches $1.07825 we can expect the price to retrace and return back to $1.08846.

Even if the market is in a bearish scenario we could see a bullish reaction on the strong support level. If the price does not retrace from the $1.07825 we could see the price heading down to $1.06736 which is also strong support for the price.
EURUSD Daily Forecast 5_3_2022_1.png
 
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