EURUSD Forecast – Breakout Confirmed, Target $1.07825

by Dec 31, 2022EURUSD Forecast0 comments

EURUSD Analysis Today

Previous EURUSD forecast talked about $1.05825 as a key level for the buyers and $1.07825 as a target.

The price started with a small bullish candle that continued to move the price towards $1.06736. When reached the price bounced from it and returned down, but it did not reach $1.05825 support level.

The price managed to continue to move up and eventually broke above $1.06736. The price moved outside of the uptrend channel and broke its resistance line.

On Friday the price closed the day above $1.06736 resistance line which opened a door for the price for future move to the upside towards $1.07825.

EURUSD Daily Forecast 31_12_2022.

The price is now between $1.07825 resistance and $1.06736 support level. The next resistance is at the $1.07300 level which the price reached two weeks ago.

If we take a look at the monthly time frame we can see the price has managed to close above the downtrend channel resistance line. That means the price is free to move up and reach $1.07825 level.

Weekly time frame shows confirmed breakout above $1.05825 which means the next resistance level is at $1.07825.

And the daily time frame shows breakout above the $1.06736 resistance line which means the next target is at $1.07825.

With three time frames we can expect the price to move higher and when the $1.07825 level is reached the retrace could happen towards $1.06700. This is a small support level for the price on a daily and weekly time frame.

If the price manages to break above $1.07825 the next resistance is $1.08846 which is the next daily and weekly resistance level which price will need to break.

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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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