Short

EUR/USD: Eyeing Reversal at 1.10

Updated

Fundamental Analysis:
The EUR/USD pair analysis suggests a stronger U.S. economy with higher GDP growth (4.9% vs. -0.1%) and greater consumer confidence (61.3 vs. -16.9), coupled with lower unemployment (3.9% vs. 6.5%) compared to the Eurozone. Despite the Eurozone's positive trade balance and slightly lower inflation rate, the higher U.S. interest rates (5.5% vs. 4.5%) and stronger overall economic performance indicate a potential strengthening of the USD against the EUR. However, it's important to note that the USD often gets weaker in the last months of the year, which could be attributed to geopolitical events, financial factors, and seasonal elements such as year-end financial reporting. These aspects can influence investor behavior and currency markets, potentially affecting the performance of the USD against other currencies during this period.

Technical Analysis:
In the technical analysis of EUR/USD, the price has shown a bullish retracement to a key resistance near 1.10, aligning with strong pivot points. This suggests a potential reversal zone, leading to expectations of future bearish movements. The analysis, considering trend indicators and overbought conditions, indicates a possible downward trend towards set targets. Traders should watch for bearish reversal signals around 1.10,

Targets:1.08800 , 1.08 , 1.07500

"Stay disciplined and patient"
"Keep analysis simple and concise"
"Have a risk management strategy"
"Trade with a clear mind"

Note

price can fall from strong resistance zone or on major pivot 1.10

Note

first TP has been reached

Note

The second take profit (TP) is close to being reached.

Note

TP1 has been reached

Trade closed: target reached

optional: you can secure your profit for the last TP or close it

rTrader_official

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