EUR/USD
📈 EUR/USD 4-Hours Chart Analysis 📈
Technical Analysis:
Trend Patterns: The overall trend is downward as indicated by the price consistently staying below EMA 200 and EMA 50.
Support Levels: Around 1.0780 USD (recent lows).
Resistance Levels: Around 1.0860 USD (recent highs).
Momentum: The Squeeze Momentum Indicator shows a shift from red to green bars, indicating a potential change in momentum from bearish to bullish.
Fundamental Analysis:
US Dollar Strength: The US Dollar has been advancing due to caution ahead of first-tier releases and the upcoming US presidential election.
US Economic Data: Recent data includes an unexpected Goods Trade Balance deficit of $108.2 billion in September and a rise in the Consumer Confidence Index to 99.5 in October.
US Employment Data: Disappointing JOLTS Job Openings data has helped EUR/USD find support.
Trade Plan:
Entry Zone: Consider entering a long position if the price breaks above the resistance level of 1.0860 USD with strong momentum.
Stop-Loss (SL): 1.0780
Take Profit (TP): 1.0930
Disclaimer: This trade plan is for informational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.