EUR/USD’s up trend extended to 1.0733 last week but retreated since then. In this article, we’ll detail EUR/USD Weekly Technical Forecast for Week 51, 2022.
EUR/USD Technical Outlook
Initial bias remains neutral this last week end. Further rally is expected as long as 1.0481 resistance turned support holds. Firm break of 61.8% projection of 0.9729 to 1.0481 from 1.0289 at 1.0754 will pave the way to 100% projection at 1.1041. However, firm break of 1.0481 will confirm short term topping and bring deeper fall to 1.0289 support.
The Bigger Picture
In the bigger picture, focus stays on 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium term bottom are developing into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, sustained break of 1.0609 will raise the chance of trend reversal and target 61.8% retracement at 1.1273.
The Long Term
In the long term picture, as long as 1.0635 support turned resistance holds (2020 low), long term down trend from 1.6039 (2008) could still extend through 0.9534 at a later stage. However, sustained break of 1.0635 will confirm bottoming and at least turn long term outlook neutral.
Follow the 3 simple steps below to start trading and making great profits from the Forex market:
- Open a live account with Instaforex Nigeria.
- Deposit Funds Into your account with as little as $10.
- Download our Metatrader 4 and start trading.
You can also CONTACT US if you encounter any problems while opening your live account or depositing funds into your account.
Disclaimer: All investments and trading in the stock market involve risk and is a personal decision. This article from Instaforex Nigeria is only meant to create and increase awareness about Forex trading.