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EURUSD: The bears will approach the support zone!The currency pair EUR/USD experienced a drop to a fresh low of 1.0790 during the day, after reversing from a significant short-term obstacle. The downtrend is further supported by the breaking of a two-week support line, which is now a resistance level, and the calming uptrend of the MACD line. Additionally, the RSI line (14) has fallen to level 50, indicating the continuation of the downtrend. No information has been omitted from the original text. Therefore, the EUR/USD quotes are set to test the confluence of the 1.0730 support level consisting of the DMA 50 and DMA 21 lines as traders start the important week. Overall, EUR/USD is likely to fall further but the retracement range below 1.0730 appears to be limited.
Short
by Sphyn-Trader
2
EUR/USD: The upward momentum will be exhausted, beware of traps!Following the sharp rise in EUR/USD on Wednesday, EUR/USD turned down on Thursday and took back all the gains of the previous day.However, there was a rebound during Friday time, but the currency pair rebounded on Friday and broke through 1.0600. The trend of the euro reflects that the market situation is still relatively tangled at this stage. On Wednesday, EUR/USD rebounded to the 20-day line (SMA) at 1.06844 and fell back in resistance.After falling below the 20-day line on February 2, it did not break through the 20-day line several times during the rebound, proving that there is still a lot of pressure on the market here. The technical indicators of the daily chart are slightly biased to the downside, and there is no clear direction for the time being. The failure to break through 1.0700 indicates that EUR/USD may continue to consolidate around 1.0600. The trend of the 4-hour chart shows that EUR/USD is currently slightly higher than the downward channel since the beginning of February. There is no clear breakthrough signal for the time being. EUR/USD maintains a slight downward tendency. If it returns to the downward channel, the bears may take action, causing EUR/USD to fall to 1.0560 (the midpoint of the downward channel), but as long as EUR/USD remains above 1.0560, the bearish momentum is still limited, and once the exchange rate stabilizes above this position, the euro may point to 1.0650/60. please continue to pay attention to my analysis and sharing, I will bring you a more perfect presentation; click the network button below, everyone is welcome to come and discuss together
Short
by Blessed_V
German inflation data in focusToday we will be getting German Inflation data within the next 1h and 15m. This German CPI will be in focus as Eurostat had problems in their systems the previous week and they gave an Estimation of Eurozone inflation along with estimating where possibly the German Inflation would land. So at the back of this and while German's economy is 25% of EU's GDP , we are expecting some volatility to come in play , in case we get any big deviation in German Inflation data. Now what the so wanted big deviation can be and what are we expecting at the back of this ? German inflation printing higher than 9.5% and German Harmonised inflation printing higher than 10.3% EURUSD - EURJPY 🔼 German inflation printing lower than 8.5% and German harmonised inflation printing lower than 9% EURUSD - EURCAD 🔽 -Extra notes- -Currently money markets are pricing in 41 bsp for the ECB meaning that we can go in any direction in case we get the deviation that we need and markets might price out 16 bsp (0.25% rate hike) or price in 9 bsp or more (0.50% rate hike). -In case of higher inflation metrics possible targets can be EURUSD 1.0750 - 1.0775 - 1.0800 and EURJPY 141.50 - 141.80 - 142.20 -In case of lower inflation metrics possible targets can be EURUSD 1.0710 - 1.0690 - 1.0670 and EURCAD 1.4400 - 1.4380 - 1.4360 -Preferably we want to see MoM inflation metrics aligning to the one or to the other side and not get a mixed data out of it -Higher conviction will come if headline inflation prints higher than 9.9% for the hawkish scenario or lower than 8% for the dovish scenario FX:EURUSD
by Investing_Bridge
A Yearly Analysis Of Eur/UsdThis is not meant to be a signal or a trade idea! This is a long term analysis of Eur/Usd using a Weekly Time Frame With A Line Chart. So as you can see, Price broke Support and Came back up recently to Retest WEEKLY SUPPORT NOW TURNED RESISTANCE..... This gives me the idea that the EXTREME LONG term bias toward Eur/Usd will definately be down into the next major weekly resistance area. I did draw some trend lines and tried to add all of the touches just to give traders an idea of why I put these lines on the chart. I know that it may look messy but I think this chart can give us a beginning... in order to form our trade ideas over the next few weeks.... Using the Forecast Tool on tradingview, It would take around 1 Year before price would enter the next support zone.
Education
by RlcTrading
EURUSD testing major resistance, remain bearishSell below 1.1264. Stop loss at 1.1301. Take profit at 1.1159. Reason for the trading strategy (technically): Price continues to test our resistance as it shapes up nicely for a drop. We remain bearish below major resistance at 1.1264 (Fibonacci extension, horizontal swing high resistance) for a further drop towards 1.1159 support (Fibonacci retracement, horizontal overlap support). Stochastic (55,5,3) is seeing major resistance below the 95% level.
Short
by MEX_Exchange
EURUSD testing major resistance, remain bearishSell below 1.1264. Stop loss at 1.1301. Take profit at 1.1159. Reason for the trading strategy (technically): Price has reached our selling area and is testing that level. We remain bearish below major resistance at 1.1264 (Fibonacci extension, horizontal swing high resistance) for a further drop towards 1.1159 support (Fibonacci retracement, horizontal overlap support). Stochastic (55,5,3) is seeing major resistance below the 95% level.
Short
by MEX_Exchange
EURUSD dropping perfectly, remain bearishSell below 1.1264. Stop loss at 1.1301. Take profit at 1.1159. Reason for the trading strategy (technically): Price has reached our selling area and reversed perfectly as expected. We remain bearish below major resistance at 1.1264 (Fibonacci extension, horizontal swing high resistance) for a further drop towards 1.1159 support (Fibonacci retracement, horizontal overlap support). Stochastic (55,5,3) has reversed nicely off our 95% resistance and has good downside potential.
Short
by MEX_Exchange
EURUSD approaching major resistance, prepare to sellSell below 1.1264. Stop loss at 1.1301. Take profit at 1.1159. Reason for the trading strategy (technically): Price is approaching major resistance at 1.1264 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off this level for a drop to 1.1159 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing major resistance below the 95% level where we expect a huge drop from. Reason for the trading strategy (fundamentally): The main news event driving USD today is the U.S. ISM Manufacturing survey. It is one of the biggest market moving economic releases because of its Prices Paid and Employment subcomponents which reflect sentiment towards inflation and labor conditions - two of the market's most significant health indicators. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. We’re expecting forecasts of an decrease which means a bearish USD is expected, this goes against our bearish EURUSD view hence it is best to exercise caution on this trade.
Short
by MEX_Exchange
EURUSD profit target reached, prepare to sellSell below 1.0948. Stop loss at 1.1002. Take profit at 1.0853. Reason for the trading strategy (technically): Price has bounced off our buying area perfectly and reached our profit target as expected. We prepare to sell below 1.0948 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down towards 1.0853 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance below the 97% level where we expect a drop from. Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they usually move in opposite directions. We’re expecting a rise in USDCHF which goes in line with the drop we expect on EURUSD.
Short
by theforexarmy
EURUSD bouncing off major support, remain bullishBuy above 1.0853. Stop loss at 1.0787. Take profit at 1.0948. Reason for the trading strategy (technically): Price has started to bounce off our buying area perfectly. The plan today is to remain bullish above 1.0853 support (Fibonacci retracement, horizontal support) for a push up to 1.0948 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (34,5,3) is seeing major support above 2% where we expect a bounce from. Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they usually move in opposite directions. We’re expecting a drop in USDCHF which goes in line with the rise we expect on EURUSD. Reason for the trading strategy (fundamentally): The main news event driving USD today is the U.S. Advance Retail Sales which is a monthly measure of sales of goods to consumers at retail outlets. The figure is a significant market mover, valuable both for its timeliness and insight into consumer demand and consumer confidence. We’re expecting a positive value here meaning more consumer spending and confidence, leading to strength in the USD. This would go against our bullish EURUSD view today hence is it best to exercise caution on this trade.
Long
by theforexarmy