EURUSD Forecast – Price Heading Towards $0.99134
Our previous EURUSD forecast mentioned price reaching around the 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 to 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.
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.
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Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
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