EURUSD: What to know in markets on Thursday!- EUR/USD is holding on to recovery gains near 1.0750 as the US Dollar (USD) remains behind according to mixed US Consumer Price Index (CPI) data.
- The annual measure of US inflation rose 3.7% in August, compared with an expected 3.6% increase. CPI rose 0.6% in August, the biggest monthly increase of 2023 and in line with market estimates. Core CPI rose 0.3% and 4.3%, respectively, compared with estimates of 0.2% and 4.3%.
- US S&P 500 futures boost market optimism, as US data underpins Federal Reserve (Fed) pause bets.
- The yield on the benchmark 10-year US Treasury note fell to 3.21%.
- On Tuesday, Germany's ZEW Economic Sentiment improved to -11.4 in September. However, the index measuring current conditions hit a three-year low at -79.4. "Financial market experts are even more pessimistic about the current economic situation in Germany than in August 2023," the ZEW Institute said.
- The ECB event will be decisive for the short-term direction of the EUR/USD pair, as the focus turns to the Fed's policy announcements next week.
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EURUSD: ECB detects leaked reportEUR/USD retreated moderately on Tuesday. It jumped to 1.0769, its highest in a week during the Asian session, but then reversed course, holding above 1.0700. Markets await US consumer inflation data and the European Central Bank meeting.
Data released on Tuesday showed a mixed survey by Germany's ZEW. The current conditions index weakened further to -79.4 (lowest since August 2020) down from -71.3, while the Expected index reached -11.4, above the -15.0 forecast. The report provides more signals about a potential recession in Germany and the Eurozone. These factors weigh on expectations of an interest rate hike by the European Central Bank.
EURUSD Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
EURUSD: Investors wait for CPIThe EUR/USD currency pair experienced a slight recovery after reaching a new low below 1.0700 on Thursday. Although the bearish bias of the pair remains, there is potential for support due to profit-taking and an improved risk sentiment leading up to the weekend.
On Thursday, the US Dollar continued to strengthen against its counterparts following positive weekly data. The number of initial applications for unemployment benefits decreased to 216,000 in the week ending September 2 from 229,000. Additionally, Unit Labor Costs for the second quarter were revised higher from 1.6% to +2.2% in the Bureau of Labor Statistics' initial estimate.
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EURUSD and GBPUSD Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
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Continuing from the previous analytical scenario, if the euro stabilizes above the yellow zone, the price can climb up to the pitchfork midline.
In the opposite scenario, if the price does not follow the conditions of the previous scenario, the price can fall to around the red zone and after that 1.064 level.
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EURUSD: Monday!In the European session on Monday, EUR/USD is trading above 1.0800. The pair is experiencing gains due to the overall weak performance of the US Dollar. Investors are carefully considering the divergence in policies between the Federal Reserve and European Central Bank (ECB) as they anticipate EU Sentix data and a speech by ECB President Lagarde. These events come amidst a holiday in the United States.
EUR/USD on the 30M Support and Resistance Zones
Support Levels:
Support 1 @ 1.08354:
The level at 1.08354 serves as an immediate support zone on the 30-minute chart of EUR/USD. The price tends to find buying interest and potentially reverse its downward movement in support levels. Traders should closely monitor this level; a break below it could indicate further bearish pressure.
Support 2 @ 1.07818:
Support 2, located at 1.07818, represents another crucial support level. Historically, this level has acted as a significant area of price reversal. If breached, it may signal the potential for a more substantial downward move.
Support 3 @ 1.07637:
Support 3, situated at 1.07637, is a deeper support level. Traders should be aware of this zone as it represents a lower support level. A break below Support 3 could suggest an increased bearish sentiment.
Resistance Level:
Resistance @ 1.09619:
The resistance level at 1.09619 stands out as a key level of resistance on the 30-minute EUR/USD chart. Resistance levels are where the price often encounters selling pressure and may reverse its upward momentum. Traders should keep a close eye on this level, as a decisive move above it could indicate a bullish sentiment in the short term.
Conclusion:
Understanding support and resistance levels is fundamental in forex trading. These levels provide critical insights into potential price reversals and trend continuations. Traders in the EUR/USD market should carefully observe the identified support and resistance zones outlined in this blog post.
However, it's essential to remember that the forex market is subject to constant fluctuations influenced by various factors, including economic data releases, geopolitical events, and market sentiment. Therefore, traders should complement their analysis with other technical and fundamental indicators to make well-informed trading decisions. Risk management and prudent trading strategies are equally crucial when trading in the forex market.
EURUSD and GBPUSD Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
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EURUSD Technical Analysis and Trade IdeaRegarding the EURUSD, it's currently experiencing a downtrend, accompanied by a noteworthy retracement into crucial resistance levels. Our video comprehensively addresses essential components of technical analysis such as the prevailing trend, market structure, price action, price gaps, and other pertinent technical aspects. I'd like to emphasize that all details are thoroughly elucidated within the video, and it's important to note that this content should not be interpreted as financial advice.
EUR/USD's 30-Minute Support and ResistanceIn the ever-evolving landscape of forex trading, precision holds the key to success. Every level, and every movement carries significance. Let's delve into the technical intricacies shaping the EUR/USD pair's journey within the 30-minute timeframe.
Stepping on a Sturdy Foundation: Support at 1.07654
Within these critical minutes, EUR/USD finds a firm footing with the support level at 1.07654. This point serves as the bedrock, potentially giving the pair a platform for rebounds and potential recoveries.
Navigating Obstacles: Resistance Points Explored
However, the path is far from smooth. The pair faces a series of resistance points, each introducing a layer of challenge:
First Hurdle - Resistance 1 at 1.08440: This marks the initial test for EUR/USD's upward momentum. If the pair can surmount this resistance, it could signify a shift in sentiment, possibly paving the way for extended gains.
Stepping Up - Resistance 2 at 1.08775: As the pair advances, it encounters a more substantial barrier. This resistance level demands a more determined effort to breach, testing the depth of the bullish sentiment.
Strategic Insights: Mapping the Journey Ahead
For traders and observers, the interactions between EUR/USD and these support and resistance levels are a treasure trove of insights. Every movement, every breakthrough or pullback, holds valuable clues about the market sentiment at play.
The solid support at 1.07654 offers a crucial layer of protection, providing potential opportunities for rebounds. Nonetheless, the resistance points at 1.08440 and 1.08775 are formidable challenges that the pair must overcome for sustained upward movement.
As the clock ticks within this 30-minute window, the movements of the EUR/USD pair unfold like a captivating drama. The interplay between support and resistance, between buyer and seller, forms a dynamic narrative that traders keenly follow to glean insights into the short-term direction of this vibrant currency pair.
EURUSD should print a green candle this weekI will be very surprised if EURUSD does not print a green candle this week. It bounces off 50MA and it printed red 6 weeks in a row, which is very uncommon for this pair. The EUR has been butchered last 6 weeks on a strong performance of the dollar but I think a lot has been priced in and traders will now look towards a bullish momentum for the EUR. Time will tell, EUR may fall further, obviously nothing is certain, but I expect a bullish bounce this week.
EUR/USD | Monthly Equilibrium The time the price spends here shows that this is the equilibrium.
Since the seasonality of September is positive and we have monthly equal highs above, this made me think that we can close September positively.
Before this, a stop hunt may come under 1.06350.
Also equal low point on weekly at 1.06350.