EURUSD Forecast – $1.07825 Confirmed, $1.08846 Breakout Needed

by Jan 21, 2023EURUSD Forecast

10% promo discount code: FRANO

EURUSD Analysis Today

Previous EURUSD forecast talked about $1.08846 as a resistance that need to be broken in order to continue to move up. And it was mentioned that the price is in between support and resistance level, between $1.07825 and $1.08846, and it needs to move somewhere outside of this range.

The price did not move outside, but bounced between these two levels.

The price moved down the first two day, but then on Wednesday the price found great support in the $1.07825 demand zone.

The price moved on Thursday and Friday to higher levels and the week ended as the previous week closed.

EURUSD Daily Forecast 21_1_2023.

The current price level tells me that the price has managed to reach the previous week close and it has strength to move higher. That is based on the strong bullish momentum in the last two days, where the selling pressure that was pushing the price on Monday and Tuesday did not manage to prevent price reaching $1.08555 level.

We can expect that the price will have trouble breaking the $1.08846 resistance level because we have a monthly trendline that is making another resistance for the price. So, two resistance lines making a confluence of resistance are making a problem for the price.

But, if we take a look at the weekly time frame we can see that the weekly candle has confirmed bullish trend and we can expect to see the price on these levels or higher.

The target after the price break $1.08846 is $1.09100 – $1.09200, which is the first daily resistance before heading to $1.09800.

We need to see the weekly candle closing above $1.08846 and confirming that level as a next support before attempting to move to higher levels.

Next week we could price break $1.08846, but after that happens we will see what the price will do as a next step.

The price is currently in the between support and resistance levels, $1.07825 and $1.08846, which is not a good entry position. When the breakout to the upside happens, I will look for entry on the retrace testing the $1.08846 as a support.

I am collecting ideas which currency pairs would you like to see analyzed? Let me know by filling the form.

Click the button and give me your idea.

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

10% promo discount code: FRANO


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


Pin It on Pinterest

Share This