EURUSD Forecast – Price Heading Towards $0.99134

by Aug 20, 2022EURUSD Forecast

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EURUSD Analysis Today

Previous EURUSD forecast mentioned price reaching lower level around lower level of the price range where the price was stuck for a few weeks. And it was mentioned the price could return on higher levels reaching $1.03920.

The price has reached a lower price level, but it did not manage to return on higher levels. The uptrend channel has been broken and the price tested channel support line as a resistance.

At the end of the week strong selling pressure took the price below $1.01368 support and reached almost parity. The price stopped at $1.0032 without retracing which means the price has not reached a support level. 

EURUSD Daily Forecast 20_8_2022

We could see price reaching lower levels and the first one is the parity where the price will react and bounce back. The bounce depends on the demand zone strength where we need to include the previous reaction when the price returned back to $1.01368 resistance level.

Small bounce back to $1.00700 is likely because this level is a small resistance level where price reacted when moving down.

Long term target is $0.99134 as a strong demand zone where the price will stop moving down. Before that happens we have few support zones and resistance levels the price could reach.

For now we can expect $1.0000 as a first support and then $1.0070 as a first resistance level.

Then we have $1.01368 as stronger support where the price could find a strong supply zone pushing the price down.

Bearish price action signal at $1.00700 would be the first signal the price is targeting lower levels, but a $1.01368 bearish price action signal would be an even stronger signal the price will continue to move down.

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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