EURUSD Forecast – $0.99134 as EUR/USD Parity Target

by Jul 9, 2022EURUSD Forecast

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EURUSD Analysis Today

Previous EURUSD forecast talked about reaching $1.02975 and $1.01368 as a weekly and monthly target. The price did not took that much time, but it reached these two targets this week. This tells us that the bears were too strong for bulls so the EUR lost its value a lot.

On Monday we had an indecision candle where the bulls tried to push the price up, but the price closed the day close to the open price.

The next day the price dropped 200 pips reaching the first support mentioned last week, $1.02795. The price did not stop at that support level, but it continued moving down.

The move down had no obstacles until $1.01368 which is visible on the chart. The price stopped in the demand zone around $1.01368. The price bounced upwards, but that bounce was too weak.

We can see the price has entered into the downtrend channel and reached the demand zone and bounced back to test the downtrend channel resistance line.

From there the price on Friday moved more down, breaking through $1.01368, but the day could not close below. The price returned up and closed the day above support level.

The week ended with a bullish Pin bar which is a signal for the next week.

EURUSD Daily Forecast 9_7_2022

Friday Pin bar shows where the price will move next week. The pin bar has formed right on the support level which is weekly and monthly support that had retraced in the past.

We can use this price action signal on the support level and look for the exit on the first resistance at $1.02975.

The weekly and monthly charts show that retrace can go up to $1.05087 level so we should look for that scenario. Except something happens in the meantime and the market shows bulls weakness.

The next support is at $0.99134 which is more than 100 pips away from the current price and it is a parity for the USD and EUR.

As it looks now the parity is just a matter of time because EUR is losing its strength and USD strength is rising. So, overall the monthly and weekly overview shows the parity highly likely.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

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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The Forex market is not easily predictable and we need to prepare ourselves for a bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

See also  EURUSD Forecast – Price Heading Towards $0.99134

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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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