Currency trading is a complex and ever-changing market, but there are some key trends that can help you make informed trading decisions. In this analysis video, I will take a look at the EUR/USD exchange rate and forecast its potential movement in the coming year.
Key Points:
- The persistent downtrend of the EUR/USD exchange rate from 2022
- Anticipated long-term appreciation of the EUR/USD exchange rate
- EUR/USD exchange rate forecasted to hit 1.133 by the end of 2023
Now, let’s dive deeper into the EUR/USD price technical analysis, inspired by a video discussion by a seasoned Forex trader. The analysis revolves around a long-term channel dating back to the end of 2014. With the EUR/USD currently at 1.094, the expert believes we’re likely to see a rise towards the Point of Control (POC), the price level at which the highest volume has been traded over a specific period.
Make sure you check out the EUR/USD price technical analysis video above.
Key Technical Analysis Insights:
- A persistent long-term channel visible from 2014 to the present
- Potential EUR/USD rise towards the POC
- Volume profile analysis revealing detailed price range insights
Key Observations and Future Opportunities
EURUSD PRICE FORECAST; GOING TO 1.133
My observations suggest that the channel is still intact, even with a quick return into the channel after a short stint of the EUR/USD reaching parity. The POC, represented by the red line, is around 1.133, and it is predicted that the EUR/USD will reach this point. Additionally, potential interesting trading junctions have been identified. If the EUR/USD declines and hits the bottom of the channel, or the Value Area Low of the volume profile, as shown in the above video, that would be a SUPER buying opportunity, IMHO.
Key Observations:
- The channel is still intact, with the EUR/USD likely to reach the POC at around 1.133
- Possible future buying opportunities if the EUR/USD hits the channel’s bottom and rebounds
- Long-term forecasting suggests a potential rise up to the POC, offering a nearly five-to-one reward-to-risk ratio for swing traders
TO SUM UP…
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