EURUSD Forecast – $1.01368 Expected

by Sep 11, 2022EURUSD Forecast

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EURUSD Analysis Today

Previous EURUSD forecast mentioned the price could find a breakout to the downside, but we should be carefull and wait for a confirmation.

The breakout was on Tuesday and the confirmation was not visible in the following days. The confirmation signal with daily candle close below $0.99314.

The breakout was a false one on Tuesday and what usually happens after a false breakout the price moved in the opposite direction. We can see the bulls pushed the price to the supply zone around $1.01368 and the price bounced down in the indecision area.

Friday shows price decline after traders taking profits around $1.01368 who bought the price at the $0.99314 which activated a sell off returning the price down.

EURUSD Daily Forecast 11_9_2022

Next week we need to see the price above the small downtrend channel resistance line with daily close above which will allow price reaching $1.01368 level.

The supply area around $1.01368 is a strong confluence level of resistance which will represent a strong obstacle for the price reaching higher levels.

We can expect bearish candle at the confluence area of resistance with price targeting to reach the upper side of the current indecision area which is around $1.0000.

The current overview of the market suggests we need to wait until the price goes above $1.01368 or below $0.99314. These two levels are strong leves with sellers and buyers pushing the price in their direction. This is visible on the currency strength meter where EUR and USD strength show similar strength.

EURUSD Daily Forecast 11.9.2022 CSM

When the price breaks beyond these levels the price will have a clean way reaching next levels. On the upside we have $1.02975 which is above the downtrend channel which will be a signal the price is changing direction from bearish to potential bullish trend.

On the downside we have $0.96716 which is in the current bearish downtrend, but to reach lower levels we will need more EUR weakness, which is currently not visible on the chart.

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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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.

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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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