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EURUSD Analysis: Anticipating a Slight Bearish Bias Towards 1.1!EURUSD Analysis: Anticipating a Slight Bearish Bias Towards 1.10000 (24/09/2024) As we analyze the EURUSD pair this week, a slight bearish bias appears probable, with a target near the pivotal level of 1.10000. Key drivers for this outlook include the recent economic data releases, central bank policies, and market sentiment. 1. Economic Data: Recent Eurozone economic indicators have shown mixed results, with weak manufacturing PMI figures suggesting slowing growth. Conversely, US economic data, particularly strong job numbers and retail sales, point to a robust economy, potentially strengthening the dollar. 2. Central Bank Divergence: The European Central Bank (ECB) is likely to maintain a dovish stance amid economic uncertainties, while the Federal Reserve appears committed to a tighter monetary policy. This divergence could exert downward pressure on the euro. 3. Market Sentiment: Increased risk aversion due to geopolitical tensions may lead investors to favor safe-haven currencies like the USD, further supporting the bearish outlook for EURUSD. In conclusion, the combination of economic fundamentals, central bank policies, and market sentiment suggests that EURUSD may trend towards 1.10000 this week. Traders should stay alert for potential market shifts and adjust their strategies accordingly. Keywords: EURUSD analysis, bearish bias, economic data, central bank policy, ECB, Fed, market sentiment, forex trading, trading strategies, 1.10000 target.
Short
by PERFECT_MFG
EUR/USD Daily Chart Analysis For Week of Sep 20, 2024Technical Analysis and Outlook: In the current week's trading session, the Eurodollar has displayed significant volatility within the defined range of Mean Support at 1.101 and Key Resistance at 1.119. This behavior reflects uncertainty regarding the currency's trajectory amidst the ongoing Dead-Cat rebound activity. The prevailing transient buying pressure is steering the currency towards a downward retreat to the support level of 1.111, with potential further retreats to supplementary support levels at 1.108 and 1.101 in light of the ongoing interim price movement.
by TradeSelecter
EURUSD extends uptrend due to dollar weakness EURUSD advanced to the 1.1140 level after breaching the descending channel’s upper bound as the dollar’s weakness intensified. EMA21 is widening the gap after golden-crossing EMA78, indicating an apparent bullish signal. If EURUSD holds above EMA21, the price could gain upward momentum toward the 1.1200 resistance. Conversely, if EURUSD fails to keep the 1.1100 support, where EMA21 intersects, the price could fall further to 1.1050.
by inkicho_exness
EUR/USD Daily Chart Analysis For Week of Sep 13, 2024Technical Analysis and Outlook: During the current week's trading session, the Eurodollar exhibited a modest decline, briefly breaching the predefined support level of 1.103 and decisively transitioning to the freshly established resistance level of 1.110. The transient selling propels the currency downwards to the support level of 1.101, with a potential extension to the supplementary support levels of 1.097 and 1.091 amidst the interim price movement.
by TradeSelecter
Euro rises after ECB cuts interest ratesThe euro has extended its gains on Friday. EUR/USD is trading at 1.1091 in the European session at the time of writing, up 0.13% today. The euro has climbed 0.7% since the ECB’s rate cut on Thursday. The European Central Bank delivered as expected on Thursday, trimming the key interest rate by 25 basis points to 3.5%. This was the second rate cut in the current rate-lowering cycle, as the ECB responded to falling inflation and a deteriorating eurozone economy. The war against inflation is largely won, which enabled the ECB to deliver the rate cut. Inflation in the eurozone has dropped to 2.2%, close to the target of 2%. The ECB updated inflation forecast was unchanged from June, with inflation expected to average 2.5% in 2024 and 2.2% in 2025 At a press conference, ECB President Lagarde reiterated that rate decisions would be made “meeting by meeting” based on economic data, essentially ditching forward guidance. Lagarde sounded somewhat hawkish, noting that wage growth remains high and the labor market is still resilient. The ECB is being cautious and has signaled it will take a slow approach to further cuts and the markets are looking at a cut in December. If economic conditions suddenly worsen, the central bank would have to consider a rate cut next month. The Federal Reserve meets next week and rate cut odds continue to swing wildly. The US producer price index eased to 1.7% y/y in August, down from a downwardly revised 2.1% in July and below the market estimate of 1.8%. This sent the odds of a half-point cut soaring to 41%, up from just 13% yesterday, according the CME’s FedWatch. The Fed meeting is live, with plenty of uncertainty as whether the Fed will cut by 25 or 50 basis points. EUR/USD faces resistance at 1.1099 and 1.1123 There is support at 1.1052 and 1.1028
by OANDA
EURUSDHello Traders! What are your thoughts on EURUSD? This currency pair is currently positioned below a key resistance zone. It is expected that after a brief upward correction, it will likely decline towards the specified level. Additionally, the European Central Bank’s monetary policy meeting, scheduled to take place in the coming hours, could serve as a key catalyst for this pair's movement. If you found this analysis helpful, don’t forget to like and share your thoughts in the comments! ❤️
Short
by HAMED_AZ
15
Pre ECB Rates Decision Analysis12th September (ECB Rates Pending) DXY: Climbing towards 102 resistance, could push higher if EUR weakens, needs to break 102.20 for further upside to 102.70 NZDUSD: Sell 0.6135 SL 20 TP 60 (Hesitation at 0.6110) AUDUSD: Sell 0.6685 SL 20 TP 60 GBPUSD: Sell 1.3030 SL 25 TP 60 EURUSD: Rates decision pending, straddle opportunity, Sell 1.0985 SL 20 TP 45 USDJPY: Sell 143.50 SL 50 TP 150 USDCHF: Buy 0.8585 SL 40 TP 80 USDCAD: Sell 1.3580 SL 30 TP 70 Gold: Needs to stay below 2520 for downside to 2500
TVC:DXY
by JinDao_Tai
Thoughts on EURUSD before the ECB rate. H4 12.09.2024Thoughts on EURUSD before the ECB rate I expect the euro to reach 1.0950-1.10 down to the area of option hedges and profile accumulation, and then continue to grow. Of course, there may be surprises, but this is my prior view. In detail we need to keep an eye on the new option fillings, they will tell us which areas will be hedged. The market is expecting a 0.25% rate cut, but the main movement will be given at the press conference on further ECB monetary policy plans. My subscribers and I closed our sales in the private channel yesterday.
Short
by KovachTrader
USD/JPY: Reversal Signal or More Downside? The Japanese yen has tested prices below 141, an eight-month low for the pair. But eventually pulled back above 142. From a technical perspective, this long wick might look to some traders to be the start of a small reversal before its eventual sojourn lower. Rom a fundamental perspective, US Consumer Price Index (CPI) came in a few hours ago lower than expected. Which means the US Federal Reserve might forgo a 50bps cut in favor of a 25bps next week. This might help support the US dollar in the face of yen strength. Now we have US Producer Price Index (PPI) to look forward to on Thursday. The Yen against Euro could be interesting to keep an eye on too in the lead up to the European Central Bank (ECB) decision. On Thursday, the ECB is expected to cut its interest rate to 3.5% from 3.75%.
by BlackBull_Markets
EUR/USD Daily Chart Analysis For Week of Sep 6, 2024Technical Analysis and Outlook: In the current week's trading session, the Eurodollar exhibited a rebound from the Mean Support level of 1.102. It effectively breached our Mean Resistance level at 1.109, establishing a newly created Mean Res 1.115. The transient selling pressure led to a significant downward movement and is anticipated to retrace back towards the Mean Support at 1.102, possibly reaching down to the interim level of Mean Support at 1.097 in the interim price action.
by TradeSelecter
EUR/USD: Will ECB Resume Rate Cuts Next Week? Futures markets are pricing in a US rate cut for September, with a 62% chance of a 25-basis point cut and a 38% chance of 50-basis points. The Fed’s dovish shift has helped the euro surge to its highest level in more than a year. Attention now shifts to the ECB’s 12 September rate decision. After cutting rates in June and pausing in July, analysts expect the ECB to resume easing amid slowing growth. However, ECB board member Isabel Schnabel, a key hawk, maintains that inflation concerns should take priority over growth concerns. For EUR/USD, bulls may target the December high of 1.1134 and July high of 1.1275, with support possibly near 1.1000.
by BlackBull_Markets
EUR/USD - ECB eyeing German, eurozone CPIThe euro has extended its decline on Thursday. In the European session, EUR/USD is trading at 1.1095 at the time of writing, down 0.22% on the day. The US dollar has rebounded against the euro this week, climbing 0.89%. Inflation is expected to ease in Germany and the eurozone, which could have significant impact on the European Central Bank rate announcement on Sept. 12. Inflation declined in German states and the national harmonized inflation rate is expected to fall to 2.1% y/y in August, down from 2.3% in July. The eurozone releases CPI on Friday. The market estimate for CPI stands at 2.2%, compared to 2.6% in July. The core inflation rate is expected to creep lower to 2.8%, down from 2.9% in July. A drop in inflation in Germany and the eurozone would support the case for another rate reduction next month. The weak eurozone economy and the fact that the Federal Reserve is also poised to lower rates have strengthened the case to cut rates. At the same time, concern about wage increases is a reason for the ECB to hold off on cutting rates. The Federal Reserve is poised to cut rates next month, which would mark the US central bank joining in the global trend of central banks lowering rates now that the threat of inflation has largely abated. Most FOMC members have come out in favor of a September cut but Atlanta Fed President Raphael Bostic said on Wednesday that the Fed should wait for additional data before lowering rates as it would be a mistake to cut and then have to hike again. EUR/USD is testing support at 1.1087. Below, there is support at 1.1055 There is resistance at 1.1138 and 1.1170
by OANDA
EUR/USD Daily Chart Analysis For Week of Aug 23, 2024Technical Analysis and Outlook: The Eurodollar showed strong upward momentum throughout this week's trading session. It reached our Key Resistance at 1.111 and completed the Inner Currency Rally at 1.112. Further buying pressure pushed the price to complete an extended Inner Currency Rally at 1.120, with the potential to reach the completed Outer Currency Rally at 1.124. Conversely, selling pressure at the current level could drive the price down to our Support level of 1.111.
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of Aug 16, 2024Technical Analysis and Outlook: The Eurodollar exhibited consistent upward momentum throughout the current week's trading session. It successfully retested the Mean Resistance level of 1.099 and the completed Inner Currency Rally at 1.100. The breakthrough of these thresholds led to the establishment of a new Mean Resistance at 1.104. A breach of this pivotal level may incite rapid upward movement, targeting the Key Res 1.111 and culminating in the completion of the Inner Currency Rally at 1.112. Conversely, the prevailing downward analysis projects a sustained descent toward a critical Mean Support level of 1.097.
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of Aug 9, 2024Technical Analysis and Outlook: The Eurodollar demonstrated consistent upward momentum during this week's trading session, reaching our Mean Resistance level of 1.094 and retesting the completed Inner Currency Rally at 1.094. The substantial breakthrough of these targets resulted in establishing a new Mean Resistance at 1.099 and a complete Inner Currency Rally at 1.100. The prevailing analysis indicates a sustained downward trajectory toward a critical Mean Support level of 1.089. The breach of this significant target may prompt rapid downward movements, potentially extending to target the subsequent Mean Support level of 1.079.
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of Aug 2, 2024Technical Analysis and Outlook: In the most recent trading session, the Eurodollar displayed its ability to recover from the completed Inner Currency Dip of 1.082 and Mean Support levels of 1.081 and 1.078. The prevailing analysis indicates a sustained upward trajectory toward a Mean Support level and its associated completed Inner Currency Dip of 1.094. These critical targets may prompt swift downward movements toward a Mean Support of 1.083, potentially extending to target the subsequent Mean Support level of 1.078.
by TradeSelecter
EURUSD Simple Trade Plans; Pre/Post ECB News (new uptrend).ECB deposit rate facility news comes out soon, as well as speech from the ECB in general terms relating to monetary policy. Anything that confirms a quicker easing cycle will likely feed into a downside drip for the EURO. This comes as a near term uptrend forms on a second high. Upside moves will rely on anything that will delay a cut (unlikely). The FED has made its position clear lately leading to real weakness around the USD.
by WillSebastian
10
EUR/USD Daily Chart Analysis For Week of July 26, 2024Technical Analysis and Outlook: During the trading session of the current week, the Eurodollar sustained its decline by the Weekly Chart Analysis for the Week of July 19. The prevailing analysis indicates a continued downward trajectory toward a Mean Support of 1.081 and its corresponding Mean Support of 1.078. The anticipated downward movements will result in an initial interim rebound, potentially reaching a Mean Resistance of 1.089.
by TradeSelecter
SHORT EURUSDEURUSD remains bearish on the daily timeframe and is currently in an ascending channel with a test at the upper channel, a failure to break above a major resistance area at 1.09-1.10 level, and a bearish daily engulfing candlestick pattern that would confirm its next movement. The first target is to the lower channel at area 1.07 and if it breaks, the next target will be to the major support zone at area 1.05 and a break below will confirm a movement to the lower of the descending channel at near parity levels.
Short
by WaelHaz
EUR/USD Daily Chart Analysis For Week of July 19, 2024Technical Analysis and Outlook: During the current week's trading session, the Eurodollar exhibited a notable surge once again, exceeding the Mean Resistance level of 1.090 and the previously attained Inner Currency Rally of 1.091, ultimately reaching this week's Inner Currency Rally of 1.094. The prevailing analysis indicates a sustained downward movement towards Mean Sup 1.086 and its corresponding Mean Sup 1.081. The concluded downward movements are anticipated to yield an initial interim rebound, such as Mean Res 1.086.
by TradeSelecter