EURUSD Forecast – Potential Market Trend Change

by Oct 22, 2022EURUSD Forecast

EURUSD Analysis Today

Previous EURUSD forecast talked about the indecision area and the $0.96716 as a key level for the sellers. The price did not return back down and test the $0.96716, but it moved to the upside and tested the previous small resistance as a support level.

After the testing the price managed to move up and close the day above the previous daily candle close. This close indicated that the price managed to get above key level for the bulls.

EURUSD Daily Forecast 22_10_2022.

Since the price managed to close the day above previous daily candles this is indication we will see the price more higher. The price had a large wick on Friday, but the buying pressure from the demand zone around $0.96716 has pushed the price higher.

The next level for the price is $0.99134 which is the next target in the coming week. The price will likely reach $0.99500 which is a resistance that has history. This level the price has reached and bounced down in the previous attempts to break higher.

The breakout from the down trend channel will be a move outside from the down trend. The price will be in the neutral trend where we could look for buying signals.

The $0.99134 could be a first level for the bulls to change the market bias from selling into buying trend.

We need to see price testing the $0.99134 as a support level after the price closes the day above. This will be a good confirmation the price managed to move out from the down trend. But if we see price again inside the down trend channel it will be again in the old mode, selling mode.

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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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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