EURUSD Forecast – $0.96716 First Obstacle for Sellers

by Oct 8, 2022EURUSD Forecast

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EURUSD Analysis Today

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

The price broke above and reached the supply zone close to the confluence of resistance where downtrend resistance on H4 and daily time frame are crossing.

From there the price returned down in a way we can describe as a false breakout to the upside. The second candle, Wednesday candle closed below $0.99134 support level which did not close above that could indicate a breakout confirmation.

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

On Friday the price continued to move down and stopped in between support and resistance level on a daily time frame.

This is indicating the price will continue to move down and reach $0.96716.

EURUSD Daily Forecast 8_10_2022

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 demand zone was not acting as a strong demand zone for the price in the previous attempt so we can expect the same case this week. What is different compared to the previous attempt to move down is that the price now does not have strong selling pressure so we can expect the price to stall for a while around this support level.

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

The decision for a price will be $0.96716 which will be the obstacle for the price next week. Price closing below this level will open the area to $0.96000 and then to $0.94861 which is the weekly and monthly price target.

Weekly overview is showing that the price has formed a bearish Pin bar which will push the price down. And that is inline with a monthly overview which has only bearish candles and pointing the price will move down.

Would you like to have more detailed intraday analysis on EUR/USD?

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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

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Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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