EUR/USD: $0.96716 Is A Key Level Sellers

2022.10.17 17:32

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Previous forecast mentioned the price could reach $0.96716 as a first support level, which was done on Tuesday. The price reached the level, and we can see indecision candles in the next two days.

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

On Thursday, bulls managed to push the price to a higher level outside of the indecision area, but the price on Friday returned down.

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

EUR/USD price chart.

EUR/USD Chart Forecast

Week has ended as an indecision candle, but with a price lower than the open price, showing a bearish weakness.

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

We could expect the price to stay at this level for a while next week at $0.96716, which is a crucial level for sellers.

If the price closes below a daily time frame, we will see the price heading down to $0.96000, the first support level.

If the price breaks below, $0.94861 is the next target.

The bulls need to close the price above $0.98000 as a first step to push the price higher. There is no clear signal that we could see prices quickly above that level.

So it is good to wait until the price makes a clear move in which direction we could see in the next few weeks.

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