EURUSD Forecast –$0.99134 Still Critical for the Market

by Nov 5, 2022EURUSD Forecast0 comments

EURUSD Analysis Today

Previous EURUSD forecast talked about monthly level $0.99134 as a decision level. The Monday candle has closed below support level and continued to move down in the following days.

The price tried on Tuesday and Wednesday to return back up, but the price only bounced from the daily uptrend trend line and returned down.

On Tuesday we have a bearish Pin bar suggesting move down after testing the previous support now as a resistance at $0.99134.

On Wednesday the price tried once again to return up, but it only bounced and closed the day below the bearish Pin bar which suggested further move down.

On Thursday the price moved slightly more down and on Friday the price returned when the week started. The price has recovered all what has lost from the week start and closed the week almost at the same price.

EURUSD Daily Forecast 5_11_2022.

Weekly candle has closed as a bullish Pin bar on the critical level at $0.99134. It is a level that has monthly, weekly and daily meaning for the price.

With a bullish Pin bar on weekly time the overview is showing further move up. Before that happens we could see the price on a daily time frame to return slightly down to confirm this support level. $0.98800 is the level where we could see price returning and finding a support.

The next level for the bulls is $1.00400 on a weekly time frame and daily time frame. This level is visible as a confluence for the bulls and bears and we could see price stopping there before further moving up.

If that resistance is broken the next level is $1.01368 which is weekly and daily resistance and the price will find a supply zone with sellers waiting to push down. And the buyers will exit from their trades which will help the price to fall down.

On the other side if we see price closing the day below $0.98800 the next support is at $0.98100. It is the last support before $0.96716, but it is an area of confluence of support. So the price will have support from the downtrend and small uptrend channel support level.

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

To learn how to draw support/resistance levels and analyze the multi time frame charts?

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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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