GetKnowTrading: EURUSD Chart Analysis

[Frano Grgić]

The first day of the trading week the price reached parity and on Tuesday it reached $0.99000

Both, bulls and bears, are pushing in the thier direction, but the last two days shows bulls trying to move the price higher.

In the next week I am expecting the price to make a breakout to the upside reaching $1.00400 which is above previous candle wicks.

From there we need to see will the price return down because of selling pressure or it will stall and try to break to higher levels.

 

[Frano Grgić]

The price broke out on Monday with a small bullish candle which continued for the next two days.

The price managed to reach the first small supply zone around $1.00570 and then stopped.

For the next week we need to wait for the price to make its way outside of the indecision area like this week.

If the price breaks out to the downside and the second candle closes below the first candle it will be indication of bearish pressure and price will mode to $0.96716 support level.

 

[Frano Grgić]

The breakout was a false one on Tuesday and what usually happens after a false breakout the price moved in the opposite direction.

Friday shows price decline after traders taking profits around $1.01368 who bought the price at the $0.99314 which activated a sell off returning the price down.

Next week we need to see the price above the small downtrend channel resistance line with daily close above which will allow price reaching $1.01368 level.

We can expect bearish candle at the confluence area of resistance with price targeting to reach the upper side of the current indecision area which is around $1.0000.

 

[Frano Grgić]

The price opened a week with a gap to the upside and reached the weekly target mentioned last week.

The strong bullish trigger to the upside pushed the price higher and the price reached $1.01960.

The price still needs to break above the small downtrend channel resistance line and small supply zone slightly above that resistance line.

And then the strong supply zone around $1.01368.
currency strength meter

 

[Frano Grgić]

On Monday the price formed a bullish candle with daily close above previous day candle close.

This was indication the price is continuing moving in the same direction as the previous week has ended.

The first small support and demand zone that will hold the price is $0.96000 price that acted as a support in the previous bearish attempt to reach lower levels.

From there we can expect the price to return back up and if the bulls are strong enough the price could reach the first supply zone at $0.98300.

 

[Frano Grgić]

The price reversed from that demand zone and formed a strong bullish engulfing candle that took the price back to downtrend channel resistance line which is a small confluence of resistance with supply zone at $0.98300.

Higher price level where we can expect the price is around $0.99134 which is the first strong resistance for the price.

On a weekly time frame and monthly time frame we have a price in between support and resistance level where a bullish scenario is likely on a short term.

 

[Frano Grgić]

Previous EURUSD forecast mentioned the price could reach $0.99134 and the price succeeded in the first two days.

With closing below support level and on Thursday testing $0,99134 as a resistance level it was a confirmation the price will move down.

The price is falling down and the next support is at $0.96716 where we have a demand zone where the sellers will get out.

The bounce from $0.96716 is likely to reach $0.97000 and then $0.98000 which are smaller resistance levels.

 

[Frano Grgić]

The price had indecision on Tuesday and Wednesday which shows sellers and buyers strength to move the price in their direction.

This shows a false breakout from the indecision area to the upside so we could expect a move to the downside at least to the $0.96716.

The daily overview shows that the price could return back down to $0.96716 support level, but there is no clear signal that the price has enough strength to move down below this support level.

This means if the price closes below on a daily time frame we will see the price heading down to $0.96000 which is the first support level.

 

[Frano Grgić]

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.

Since the price managed to close the day above previous daily candles this is indication we will see the price more higher.

The next level for the price is $0.99134 which is the next target in the coming week.

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

 

[Frano Grgić]

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 next week on Monday will be the last day in this month which is an important day to watch.

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.

 

[Fried_Rice]

We moved down lower to test the original TL. Could bounce here

 

[Frano Grgić]

We moved down lower to test the original TL. Could bounce here

yes, that could be. But I see pin bar formed, bearish one which does not give me confidence the price will return back up.

 

[Fried_Rice]

That's true. there's a tug of war going on.

 

[Frano Grgić]

The Monday candle has closed below support level and continued to move down in the following days.

On Tuesday we have a bearish Pin bar suggesting move down after testing the previous support now as a resistance at $0.99134.

Weekly candle has closed as a bullish Pin bar on the critical level at $0.99134.

The next level for the bulls is $1.00400 on a weekly time frame and daily time frame.

 

[Frano Grgić]

The price formed a strong bullish engulfing bar breaking $1.01368 resistance level.

On Friday the price returned down close to $1.01368 and tested this demand zone as a support and then returned back up and broke the $1.02669 resistance level.

Week ahead will show some price fall to the first support at $1.02669 and probably to $1.01368 as a weekly support level.

The $1.03920 is the zone that will confirm an uptrend for the EURUSD after the price broke outside from the downtrend.

 

[Frano Grgić]

We can see on the chart the price formed a small bullish Pin bar on Monday and the price started to move to a higher level.

The price broke above $1.01368 on Tuesday, but the price returned back down.

I am expecting the price to move down slightly, around $1.02000 or above, and continuing to move up.

 

[Frano Grgić]

EURUSD Forecast –$1.05825 is the Next Target

The price continued its move to $1.02669 on Monday, but since Tuesday the price was forming bullish candles.

The price reached the demand zone around $1.02669 where we have a confluence of support and from there the bulls pushed the price upwards.

The next level for the bulls is at $1.05087 where we have small daily resistance, but the final target is $1.05825 which is the weekly and monthly target.

So, we have almost 200 pips free area to reach from the current level in the next week and then the price could stop because there is stronger resistance in front.

 

[Frano Grgić]

EURUSD Forecast –$1.07825 is the Monthly Target

The price formed a bearish Pin bar on a Monday and the price returned back down close to $1.02669 which is daily support level.

The price did not stay for too long because the demand zone around $1.02669 pushed the price up on Wednesday with a strong bullish candle.

We have monthly, weekly and daily time frame suggesting the price will continue to move up.

This move predicts future move to the upside and the next target for this month is $1.07825 as a next resistance for the price.

 

[Frano Grgić]

EURUSD Forecast –$1.05825 is the Key Level for the Bulls

The price started to move up on Monday and it reached $1.05825 resistance level where the price bounced and returned down and closed the day below $1.05087.

On Friday the price bounced again from the $1.05825, but we need to have in mind that a Friday is the day when traders get out from their trading.

With $1.05087 as a support level we could see a price for a while between $1.05087 and $1.05825 because we have three resistance levels.

If the price manages to move above $1.05825 it will have an open road to $1.07825 which is the monthly and weekly resistance level.

 

[Frano Grgić]

EURUSD Forecast – Key Level $1.05825 Under Testing

The price has started the week with an indecision candle where the price has touched $1.05825 resistance and $1.05087 as a support level.

Now the price is on the support level $1.05825 that should hold so the price can move again on higher levels.

Weekly time frame shows $1.05825 is still not broken on the upside, so we need to wait until the market manages to close the week above.

If the price closes below $1.05087 this will be a sign the price is heading to the demand zone to $1.03920 where the bulls were strongest and where the price could find a base for the next move up towards $1.07825.