The weekly chart for EUR/USD has started to show cracks in the uptrend, now pointing towards a target of 1.1360. The first sign was the weekly close in the
NY session at 1.1698 on 08/20/21. This close below the existing higher lower of 1.1703, that has remained in place since the week of March 28, signaled that
weekly EUR/USD price action would have limited upside potential. Since then, EUR/USD has only managed to rally to 1.1908, gradually slipping again to 1.1720.
Using Friday’s close of 1.1720 would suggest that if 1.1908 is not breached, 1.1360 would be the next stop. If looking at the Monthly EUR/USD chart there is even greater potential for slippage to 1.0990.
The only hold out currently is the daily EUR/USD chart which still barely remains in an uptrend. However, it’s more recent close three sessions ago below
the 75% pullback of the 1.1665 low to 1.1908 high at 1.1725 may be the next weight which limits the daily rally’s to 1.1760. If the daily EUR/USD chart
cannot muster consistent closes above 1.1760, this should be the last nail which shut’s the door for quite some time!
[…] charts would provide the keys to future direction. With that said, we find no reason to change our prior outlook in the mid-term with a EUR/USD target of 1.1360. Look for initial dynamic resistance at 1.1585/95 […]
[…] on September 26, 2021 we published our Weekly Forex forecasts while EUR/USD traded near 1.1720. Our models all pointed lower both in the medium and longer terms. […]
EUR/USD - Monthly Trend confirms lower price target of 1.0990 - Proven Trader
[…] EUR/USD – Weekly Trend Forecasts lower to 1.1360 […]
Forex Forecasts – Weekly edition – October 31, 2021 - Proven Trader
[…] charts would provide the keys to future direction. With that said, we find no reason to change our prior outlook in the mid-term with a EUR/USD target of 1.1360. Look for initial dynamic resistance at 1.1585/95 […]
EUR/USD reaches weekly target of 1.1360 - Proven Trader
[…] on September 26, 2021 we published our Weekly Forex forecasts while EUR/USD traded near 1.1720. Our models all pointed lower both in the medium and longer terms. […]