Forex analytics and overview

EUR/USD Forecast: $0.99134 Is A Decision Level For The Bulls

2022.10.03 20:26


Previous forecast mentioned the price could reach $0.96000, a small support and demand zone where the price could stall. The price reached that demand zone and stopped, but it reached lower levels in the next two days with a reversal.

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

On Friday, the price did not return, closing the day close on the $0.96716 support level, which indicated the strong bullish momentum holding the price on higher levels.

Friday’s sell-off, where traders going out did not return, is the second signal that the bulls have taken the market and will target higher price levels.

EUR/USD price chart.

EUR/USD price chart.

We can expect a higher price above $0.99134, which is the first strong resistance. It is a level where the price will need to close the day above to break that resistance and take the price to higher levels.

We have a downtrend channel where the price could enter and where it will stall for a while to make a breakout to the upside.

On a weekly and monthly time frame, we have a price between support and resistance levels where a bullish scenario is likely in the short term. That means on the weekly time frame.

The weekly market overview shows the price could return and reach the $1.00600 level, which is a supply zone. It is a zone where the bulls had a hard time breaking above and changing the market overview a few weeks ago.

The monthly time frame shows we could see a price on a lower level, close to $0.94861. With daily, weekly and monthly overviews, we can see that daily and weekly analysis shows bullish momentum and monthly shows bearish.

So, we expect prices to reach higher levels than now this week.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,161.50 0.20%
ethereum
Ethereum (ETH) $ 3,437.26 3.81%
tether
Tether (USDT) $ 0.999275 0.22%
xrp
XRP (XRP) $ 2.29 5.44%
bnb
BNB (BNB) $ 689.79 1.90%
solana
Solana (SOL) $ 194.62 7.16%
dogecoin
Dogecoin (DOGE) $ 0.32743 5.48%
usd-coin
USDC (USDC) $ 1.00 0.18%
staked-ether
Lido Staked Ether (STETH) $ 3,428.05 3.51%
cardano
Cardano (ADA) $ 0.92025 4.56%
tron
TRON (TRX) $ 0.254843 2.68%
avalanche-2
Avalanche (AVAX) $ 39.79 9.57%
chainlink
Chainlink (LINK) $ 24.49 8.13%
the-open-network
Toncoin (TON) $ 5.72 6.01%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,082.67 3.70%
sui
Sui (SUI) $ 4.60 8.21%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 6.15%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,704.37 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.317941 17.72%
stellar
Stellar (XLM) $ 0.379727 7.46%
polkadot
Polkadot (DOT) $ 7.43 7.47%
hyperliquid
Hyperliquid (HYPE) $ 28.96 8.80%
weth
WETH (WETH) $ 3,441.08 3.98%
bitcoin-cash
Bitcoin Cash (BCH) $ 468.58 7.24%
leo-token
LEO Token (LEO) $ 9.44 0.33%
uniswap
Uniswap (UNI) $ 14.21 4.72%
litecoin
Litecoin (LTC) $ 108.63 7.15%
pepe
Pepe (PEPE) $ 0.000019 6.51%
bitget-token
Bitget Token (BGB) $ 4.89 19.41%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,629.52 3.76%
near
NEAR Protocol (NEAR) $ 5.56 9.27%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.26%
aave
Aave (AAVE) $ 377.65 12.91%
aptos
Aptos (APT) $ 9.62 6.00%
usds
USDS (USDS) $ 1.00 0.18%
internet-computer
Internet Computer (ICP) $ 10.97 9.59%
crypto-com-chain
Cronos (CRO) $ 0.163836 7.17%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.513821 8.38%
vechain
VeChain (VET) $ 0.051238 12.14%
ethereum-classic
Ethereum Classic (ETC) $ 27.65 5.71%
mantle
Mantle (MNT) $ 1.22 3.56%
render-token
Render (RENDER) $ 7.81 10.84%
bittensor
Bittensor (TAO) $ 499.42 11.36%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.38 8.76%
mantra-dao
MANTRA (OM) $ 3.77 7.02%
whitebit
WhiteBIT Coin (WBT) $ 24.47 0.20%
monero
Monero (XMR) $ 189.03 1.33%
arbitrum
Arbitrum (ARB) $ 0.815933 7.93%
dai
Dai (DAI) $ 1.00 0.27%
algorand
Algorand (ALGO) $ 0.394164 10.81%