EURUSD Forecast – Market Changed, $0.99134 Monthly Decision

by Oct 29, 2022EURUSD Forecast1 comment

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EURUSD Analysis Today

Previous EURUSD forecast talked about potential market change because the price could go outside of the downtrend.

And that happened on Tuesday when the price managed to get out from the downtrend channel.  The price closed above $0.99134 which was the resistance level and supply zone that was holding the price for a while.

The breakout was confirmed on Wednesday when the second bullish candle formed and reached $1.00900 level. The second candle after a breakout is a confirmation candle. The breakout is valid and the price has done that on Wednesday.

Thursday was the day when the bulls went out from their trades and where the sellers entered into the trades. It was close to the supply zone so the price returned back down to $0.99640.

The price did not return more down, breaking below $0.99134, but it remained above on Friday where we have an indecision candle. This indecision candle is a small confirmation the price is above stable support level.

EURUSD Daily Forecast 29_10_2022.

The next week on Monday will be the last day in this month which is an important day to watch. And the price is currently at the critical level where it just has broken outside of the downtrend.

So, if we see Monday close above current price and stay above $0.99134, we will see prices on higher levels in the next few days and weeks.

The weekly time frame shows the price is in the bullish area and it has free space to move to $1.01368 resistance level. It is a daily and weekly supply zone which is the next target for the price.

Daily time frame shows us that the price has free room to $1.00500 and then to $1.01368 as a weekly target.

Since the price managed to breakout from the downtrend channel and we have confirmation of the breakout there is a high chance to see the price on higher levels.

If the Monday does not hold and price returns down, below $0.99134, we will need to see will it move again in the downtrend channel or there will be a demand zone that will find more strength and push the price back up.

Would you like to have more detailed intraday analysis on EUR/USD?

To learn how to draw support/resistance levels and analyze the multi time frame charts?

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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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See also  EURUSD Analysis Today 2.9.2023 - EURUSD Week Ahead Forecast

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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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1 Comment

  1. W Shittu

    Very good

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