EURUSD Annual Forecast – Price Restarts Its Bullish Advancement From 1.12360
The annual forecast for EURUSD is towards 1.17130 as the price restarts its bullish advancement from 1.12360. Sellers beat down the price from the 1.22620 supply line by using a double top formation whose neckline is at the 1.17130 strong significant level. The market, however, breached the significant price line and a couple of other levels to plunge to the 1.12360 demand. From here, buyers take over to restart a bullish advancement.
EURUSD Significant Zones
Supply Zones: 1.17130, 1.22620, 1.25440
Demand Zones: 1.12360, 1.09900, 1.05320
EURUSD Long Term Plan: Bullish
Since a mighty plunge that happened in the market from 2014 to 2015, buyers have been working hard to regain lost ground. And despite inherent bearish pressure, the market has been pushing up an uptrend line. The market can be seen to record lower lows from the beginning of January 2017 to May 2020 and now to January 2022. This is accompanied by varying levels of market highs.
Strong levels of supply that have been pushing down the market occur majorly at 1.25440 and 1.22620. Nevertheless, the market maintains a general annual uptrend, and that is set to continue in 2022. EURUSD will have to overcome some barriers, which include the MA period 50 (Moving Average), which has turned from market support to resistance. However, the Stochastic Oscillator shows a signal of a strong bullish drive as it has shown a golden cross from an oversold region.
EURUSD Medium Term Plan: Bullish
Price is trying to take off on the weekly chart. Several candlesticks showing indecision are lining up, albeit being bullish and aligning with the uptrend line. While the MA period 50 still hangs over the market, the Stochastic Oscillator signals a continuous market rise as its line grows from the oversold region. The forecast is for the price to rise to 1.17130 before the end of the year.
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