EURUSD Forecast – Pullback With $1.03920 Target

by Aug 14, 2022EURUSD Forecast

10% promo discount code: FRANO

Previous EURUSD forecast mentioned price range where the price was inside for a week. It took another week to breakout. Lets what has happened since then.

We had a false breakout to the upside where the second candle had returned the price back inside the price range.

Since then the price stayed inside the price range until it reached the downtrend channel resistance line.

When the price reached the resistance line the price broke to the upside and closed the day above price range. It reached the supply zone around $1.03920 and returned back down. Closed the day on the previous resistance level that now is acting as a support.

The breakout was confirmed with a second day candle which closed on a higher level. It was a nice confirmation of a breakout to the upside.

Friday was a day when the traders locked their profits until the price declined and returned back to the upper side of the price range.

EURUSD Daily Forecast 14_8_2022

The price is now on the upper side of the price range and it is testing that level as a support.

We need to wait and see if it holds, which will be a nice entry level for future move up.

The price could reach $1.02000 level to find better support for future move up.

We now have a price between upper level of a price range and resistance level at $1.02975 which needs to define where the price will move.

The breakout is a first signal the price will move up. We now need second confirmation as a support at the current level in the form of bullish price action signals like bullish engulfing bar or bullish Pin bar.

We could see candles wick on the lower level, but not under $1.01700.

The stop loss of the bullish entry should be below $1.00900 which is the lowest price of the previous candle that could not push the price lower. If this price level breaks on the selling pressure it will mean the sellers have taken over and we will see the price on the lower levels.

Your Opinion

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

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

Trading Analysis Bonus

I am sharing trading analysis each week.

It is free and if you want to receive e-mail notification, sign up.

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.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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.

Beginners Online Course

Check the best online trading course for beginners

Beginners Online Course

Check the best online trading course for beginners

10% promo discount code: FRANO


For beginners who does not know how and where to start with trading

In the workshop I will tell you

what steps to do in order 

to transform yourself into a trader


Pin It on Pinterest

Share This