EURUSD Forecast –$1.05825 is the Key Level for the Bulls

by Dec 10, 2022EURUSD Forecast

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EURUSD Analysis Today

Previous EURUSD forecast talked about $1.07825 as a monthly target and the price has done first step to prevent the price from falling down.

The price started to move up on Monday and it reached $1.05825 resistance level where the price bounced and returned down and closed the day below $1.05087. The price continued to move down, but did not reach $1.03920. That means the bulls have enough strength to keep the price on higher levels.

After that the price continued its move upwards where the price closed the Wednesday above $1.05087 and on Thursday the move continued. The price reached $1.05825 again.

On Friday the price bounced again from the $1.05825, but we need to have in mind that a Friday is the day when traders get out from their trading. So the bulls have gone out and the price dropped slightly.

But, the price stopped above $1.05087 which is confirmed as a support level.

EURUSD Daily Forecast 10_12_2022.

With $1.05087 as a support level we could see a price for a while between $1.05087 and $1.05825 because we have three resistance levels.

We have monthly downtrend resistance, weekly horizontal resistance and daily uptrend resistance. These three resistance levels form a confluence of a resistance that is preventing the price to reach higher levels.

This is one of the reasons why the price could stop for  a while between these two levels.

On the bottom side we have $1.05087 support level on a daily time frame and $1.03920 as a weekly support level. Since the price is above $1.03920 we are in bullish mode and the price will try to reach higher levels.

If the price manages to move above $1.05825 it will have an open road to $1.07825 which is the monthly and weekly resistance level. That is a supply zone where the sellers will push the price down and where the buyers will get out from their bullish trades. 

Which currency pairs would you like to see analyzed?

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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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