EURUSD Forecast –$1.01368 Confirming Uptrend Support

by Nov 12, 2022EURUSD Forecast

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EURUSD Analysis Today

Previous EURUSD forecast talked about $0.99134 as a breakout decision and if the price manages to close above it will mean the price will continue upwards.

The week started with two bullish candles reaching higher levels. Those levels were $1.00850 which is a previous attempt at high levels.

From there the price returned down testing the $0.99134 as a support level and from there the price moved strongly to the upside.

The price formed a strong bullish engulfing bar breaking $1.01368 resistance level. On Friday the price returned down close to $1.01368 and tested this demand zone as a support and then returned back up and broke the $1.02669 resistance level.

The price in this week broke two resistance areas which shows the strength of the Euro.

EURUSD Daily Forecast 12_11_2022.

Week ahead will show some price fall to the first support at $1.02669 and probably to $1.01368 as a weekly support level.

These two support levels are critical, and $1.01368 more important, for the buyers. If the price manages to stay above and form a strong demand zone the price will try to break $1.03920 resistance and supply zone. This is a monthly, weekly and daily supply zone that will be hard to break.

The $1.03920 is the zone that will confirm an uptrend for the EURUSD after the price broke outside from the downtrend.

Currently the price is in the uptrend, but close to the indecision $1.01368 price for the bulls. If we see a price below this level the price will be in the neutral zone where we would need to wait until the price defines the trend.

For now we should pay attention to the buying opportunities around $1.01368 unless the price breaks down to this level.

Which currency pairs would you like to see analyzed?

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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See also  EURUSD Forecast – Pullback With $1.03920 Target

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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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