EURUSD Forecast – $1.03920 Still the Target

by Jun 18, 2022EURUSD Forecast0 comments

EURUSD Analysis Today

Previous EURUSD forecast talked about $1.03920 as a target and price reached that level on Monday. The strong bearish candle reached demand zone around $1.03820. That move confirmed strong bearish sentiment that has started with two strong bearish candles previous week when we had price on supply zone around $1.07825.

The demand around $1.03920 was a strong area and the price could not break further down. We can see that on Tuesday the price made a pullback upside, but selling pressure pushed the price down and created a large wick.

On Wednesday the price tried to move to the upside, but selling pressure has again held the price down with large wick. But on Thursday the bullish pressure moved the price upwards and through $1.05087 resistance level.

Price stopped at the uptrend channel resistance line which is a confluence level of resistance with $1.05825 horizontal resistance.

We can see that each day the price closed the day as a bullish candle. It was a signal that bullish pressure is stronger each day.

On Friday we had a small bearish candle that had a wick below $1.05087 support level, but the day closed at the demand zone around $1.05087.

EURUSD Daily Forecast 18_6_2022

The price is now between two levels, $1.05087 and $1.05825. It was a previous range area where the price stopped for a while.

With the wick below $1.05087 and weekly candle formation the price is suggesting a move down.

The price has closed the Friday below previous day candles bodies which is the first step to move further down. On the upper side we have $1.05825 resistance level as a decision level for buyers.

If the price manages to close the day above it will signal the sellers have lost momentum and the price should move higher.

But, as the market now looks at the weekly and monthly time frame the $1.03920 is still the next week target. While the price will be touching that level for a third time, the next support at $1.02975 becomes more realistic to be reached by the end of the month.

If we see the price next week below close to $1.03920 it will be highly likely the price will try to break below.

$1.02975 is a monthly and weekly support so we can expect price bouncing higher from that support level. It will be a nice entry level for a short term buying opportunity.

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

Trading Analysis Bonus

I am sharing trading analysis each week.

It is free and if you want to receive e-mail notification, sign up.

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.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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.

Beginners Online Course

Check the best online trading course for beginners

Beginners Online Course

Check the best online trading course for beginners

FREE WORKSHOP

For beginners who does not know how and where to start with trading

In the workshop I will tell you

what steps to do in order 

to transform yourself into a trader

EURUSD Forecast – $1.03920 Target

EURUSD Forecast – $1.03920 Target

EURUSD Analysis TodayPrevious EURUSD forecast talked about $1.06736 that needs to hold if we want to see the price on higher levels. The price returned to $1.06736 and formed a bullish Pin bar on daily time frame. The price moved higher and reached a $1.07825 supply...

read more
EURUSD Forecast – $1.06736 Support That Needs to Hold

EURUSD Forecast – $1.06736 Support That Needs to Hold

EURUSD Analysis TodayPrevious EURUSD forecast talked about price targeting $1.08300 which is close to the monthly triangle support line. But, the price could not break above $1.07825 resistance level. The price reached $1.07825 resistance and made a retrace back down...

read more

0 Comments

Submit a Comment

Your email address will not be published.

Pin It on Pinterest

Shares
Share This