EURUSD Forecast – $0.99134 Still As a Target

by Jul 16, 2022EURUSD Forecast

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EURUSD Analysis Today

Previous EURUSD forecast talked about parity and that is what has happened. The price has moved strongly down on Monday and on Tuesday the price reached parity.

The price on Tuesday formed an indecision candle which showed a fight between bulls and bears. But the price on Wednesday made a retrace testing the previous support as resistance. And on Thursday the price tried to test support at $0.99134.

Price could not move in any direction and stay there, but ended in the middle between support and resistance level.

The Friday closed above previous days bodies close so it is a small indication price could move upwards.

EURUSD Daily Forecast 16_7_2022

In front of the price we have a week where the price could test the resistance at $1.01368 and try to break higher. The daily close above that resistance would be the first step to reach the $1.02975 resistance level.

We have a confluence of resistance above that prevented the price from returning to a higher level on Tuesday so we need to count that in.

The price is now in the downtrend channel and supply zone above could push the price down. A small retrace to the first resistance could be all that we could see from bulls. So if we see a bearish price action signal around $1.01368 it will be a signal to sell the pair.

The target still remains $0.99134 and the next support below that is $0.96716. The $0.99134 was not too strong support, but $0.96716 was much stronger in the past. So we should plan that the price will have a hard time breaking lower than that.

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 Analysis Today 17.6.2023 - EURUSD Week Ahead Forecast

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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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