EURUSD Forecast – Looking for $1.13000 Demand Zone

by Feb 12, 2022EURUSD Forecast

EURUSD Analysis Today

The price started the week with weak bearish candles where the candles closed close to support at $1.14000. That is the support level mentioned in the previous analysis when it was said the price will probably make a retrace.

The retrace happened after a strong bullish move a week before so the price found a large supply zone that returned the price back to first support level.

That support level is a confluence level of support where we have a downtrend channel line that supported the price from falling down.

On Thursday the price had a large market movement where we have an indecision candle. But the candle with large wicks breaking above resistance level at $1.14748 and below $1.14000.

It was a market testing candle where bears have taken over and pushed the price below $1.14000. 

EURUSD Daily Forecast 12_2_2022

The price is pushed below $1.14000 which shows us bear strength that was triggered on Thursday when the price broke above $1.14748.

The price is now stopped on the demand zone close to $1.13000 support level. It is also an upper side of the previous range where the price was locked for a long time.

WE can expect the price to reach the support level at $1.13000 and from there we need to see what happens. There is a high chance we will see the price bouncing back up.

That is the support level where the demand zone is and where bulls will push the price higher. As a first step it is good to wait to see how the price will behave at this support level.

If the price created bullish candles or price action candles suggesting a move up, like bullish Pin bar or Engulfing bar, then we can say the bulls are trying to make a move upwards.

But if the price comes to $1.13000 with bearish candles without bull’s strength then we can expect the price to reach $1.11871 support level.

The price needs to close above $1.14000 to continue the bullish move or below $1.11871 to continue bearish move.

Currently the market is in an indecision area which is good to avoid to prevent false trading signals.

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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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.

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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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