EURUSD Technical Analysis by GetKnowTrading

GetKnowTrading

Recruit
Messages
8


On Monday the price continued to move down and reached an area of supply close to $1.07825 and bounced up.
The move up was more retrace than a bounce because the price has reached all two levels I have mentioned, $1.07825 and $1.09860.


The reason is in the demand zone close to support $1.07825 which had lots of buyers waiting to enter into the market.
On the move up the price stopped on the confluence level of resistance where horizontal resistance $1.10755 and downtrend channel resistance line are crossing.

We can look on the chart and find levels with strong influence on the price and levels with weak influence.

Strong levels are $1.10755 on the upper side and $1.07825 on the lower side.
Weak levels are $1.09860 on the upper side and $1.08846 on the lower side.

The price is in the middle of the weak levels and since the market is in the bearish mode I am targeting lower levels this week.
The reason is the weak EUR currency and relatively strong U.S. dollar. This is confirmed by the currency strength meter below.
EURUSD Daily Forecast 12_3_2022.png

Source: Currency Strength Meter App

The final target is $1.07825 because it is the strongest support the price has in front of it.
EURUSD Daily Forecast 12_3_2022_1.png
 

GetKnowTrading

Recruit
Messages
8


On Monday the price made a bullish candle with a large wick on the upper side next to $1.09860 resistance.

On Thursday we can see the price making new highs and closing the day above $1.10755 resistance level which is a strong signal.

Because the price has broken above a strong confluence of resistance and managed to close the day above we can prepare for a bullish market scenario.

If the price creates a bullish price action signal on the $1.09860 that will be a bullish signal for entering into the market.

The bulls goal is to break above $1.11871 to secure further move up because that is the level that was holding the price from falling.
EURUSD Daily Forecast 19_3_2022.png
 

GetKnowTrading

Recruit
Messages
8



If we check previous analysis we can see I have mentioned several things.
First one is that we could see the price returning back down to $1.09860 which is support for the price. A
nd the price has done that.

The price formed a bullish Pin bar on Tuesday which was a signal to enter into the market.

How the previous week ended the price suggests further decline because each day has closed below the previous day.

The price is squeezing and we could see strong moves when the price broke outside.
On the down side we have a $1.09860 support level and then targeting $1.09000 level.
EURUSD Daily Forecast 26_3_2022_1.png
 

GetKnowTrading

Recruit
Messages
8



Monday was the day when the market made a decision where it will move for the whole week.
We can see a bullish Pin bar formed on Monday on the $1.09860 support level.

Thursday ended as a bearish engulfing candle which closed below $1.10755 support level. That was a sign the price will move further down

We have a $1.09860 support level as the next support level where the price is heading

$1.09860 is the target for the next week which will be the decision level for the bears and bulls
EURUSD Daily Forecast 2_4_2022.png
 

GetKnowTrading

Recruit
Messages
8



In the EURUSD previous analysis I have mentioned the price is targeting $1.09860 and the price done that.
And if the price breaks below that price we could see the price heading down to $1.08846 if the $1.09860 is broken.
EURUSD Daily Forecast 9_4_2022_1.png


On Friday the price broke below even more and almost reached $1.07825 which was mentioned in the previous analysis as a potential target if the price breaks below $1.08846

Because the candle on Friday closed below the previous day's candle close I am inclined to see the price even more down.

The final target for the price is at $1.07825 which is strong support for the price.

We can see currency strength meter shows USD strength weaker than previous week so this is a signal that we should take into consideration.
EURUSD Daily Forecast 9_4_2022.png
 

GetKnowTrading

Recruit
Messages
8

Video:

The price reached the target from previous analysis where I was talking about $1.07825.

Tuesday was the day when the price broke below $1.08846 which was a signal the price will move to the next support level, $1.07825

Since we have a strong demand zone around $1.07825 which made the price bounce up on Thursday we could see the price making a retrace from the current support level.

If the price manages to break below we should wait for the retest with daily price close below this level.

That will be the first step to move down to $1.06736 support level.
EURUSD Daily Forecast 16_4_2022_1.png


If we check currency strength meter we can see that USD gained on strength which suggest price should move more down .
EURUSD Daily Forecast 16_4_2022.png
 

GetKnowTrading

Recruit
Messages
8


Previous week analysis talked about price having a hard time to break below $1.07825 after moving down to the demand zone.

After reaching the lower level of the demand zone price reversed and moved upwards touching the supply zone around $1.08846.

On Friday price followed bearish Pin bar signal and closed the day below previous daily candles.

The next target is 100 pips away, support level $1.06736.

$1.06736 is a slightly weaker support than $1.07825 was, so we can expect if the price continues to move strongly down to break this support more easily than it was this week.





EURUSD Daily Forecast 23_4_2022.png
 

GetKnowTrading

Recruit
Messages
8


Previous week analysis talked about price moving down for around 100 pips and 300 pips in the long term.

The price has reached both targets in four days.

Next week we can expect some retrace for EURUSD after strong selling pressure last week.

Most likely the price will reach $1.06736 resistance or $1.07388 which should be the next target.
EURUSD Daily Forecast 30_4_2022.png
 

GetKnowTrading

Recruit
Messages
8


Previous EURUSD forecast talked about price making a retrace to $1.06736 and the price retraced, but only to $1.06410.

Thing is that the price is now in the indecision area where we need to wait for a breakout.

Next week we need to wait for the price to break out from this range.

$1.05825 is the first target for the bulls that must be broken and retested to verify the breakout.
EURUSD Daily Forecast 7_5_2022.png
 

GetKnowTrading

Recruit
Messages
8


The price made a breakout on Wednesday after testing the $1.05825 resistance three times.

After strong move, if we calculate pip range it is 177 pips move, price stopped and made a retrace above $1.04000 on Friday which we can add to Friday exit where traders cash out after a strong move and get out from trades before the weekend.

We can expect price moving higher close to $1.05000 resistance level and from there look for bearish price action signals.

Now is the time to wait for the retrace to higher levels and from there look for a sell signal.
EURUSD Daily Forecast 14_5_2022.png
 
Top