EURUSD Forecast – Key Level $1.05825 Under Testing

by Dec 17, 2022EURUSD Forecast

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 has started the week with an indecision candle where the price has touched $1.05825 resistance and $1.05087 as a support level.

On Tuesday the price formed a strong bullish candle that broke $1.05825 resistance level and monthly resistance line. This breakout allowed the price to reach the $1.07300 level that was mentioned in the previous week analysis.

From there the price formed a bearish engulfing candle because the sellers had entered into the market and the bulls exited their trades with profit.

This move returned the price down to $1.05825 support line.

EURUSD Daily Forecast 17_12_2022.

Now the price is on the support level $1.05825 that should hold so the price can move again on higher levels.

The price is on the previous confluence of resistance and now that area is acting as a support.

Monday will show what will happen. Will the price stay above $1.05825 and prepare for the next move towards $1.07825 or it will close below and target $1.05087 support level.

Weekly time frame shows $1.05825 is still not broken on the upside, so we need to wait until the market manages to close the week above. Until then we need to wait for the price to stay above $1.05825 on a daily time frame or it will move down to $1.05825. Weekly time frame suggest further move up, but we need confirmation on a daily time frame.

Monthly time frame still shows a potential move to $1.07825, but we have two weeks ahead where the price needs to find more bullish strength to move upwards.

If the price closes below $1.05087 this will be a sign the price is heading to the demand zone to $1.03920 where the bulls were strongest and where the price could find a base for the next move up towards $1.07825. 

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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

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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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