Euro / U.S. Dollar forum
EURUSD Back testing this pair on the 4hr chart since the end of September:The blue line is the 200 ema and below is the RSI. I changed the settings of the top band to 65 instead of 70 because as you can see, that's what price has been respecting as the top in this bear market.
I also removed the middle and bottom bands to remove more distraction.
tradingview.com/x/pLhKaBB0
EURUSD 📊 EURUSD 7th January 2025 Daily Analysis based on Main Key Levels
In the ever-evolving world of forex trading, staying updated with market movements is crucial. This EURUSD analysis provides insights into key levels, trade setups, and technical indicators that can enhance your trading strategy.
📊 Current Market Overview
Daily Current Market Price (DCMP): 1.03922
🔍 Summary of Key Levels
Resistance Levels (above DCMP):
🔴 R1: 1.04200
🔴 R2: 1.04753
🔴 R3: 1.05648
Support Levels (below DCMP):
🟢 S1: 1.02410
🟢 S2: 1.01857
🟢 S3: 1.00962
🔍 Swing Levels
Swing High: 1.05648
Swing Low: 1.00962
Technical Analysis
The market is currently positioned at 1.03922, indicating a critical juncture for traders. The analysis shows significant resistance above this level and support below it, providing a framework for trading decisions.
💹 Trade Setups
🟢 Intraday Buy Trade Idea
📍 Entry Price: 1.03305
🛡️ Stop Loss: 1.02410
🎯 Take Profit 1: 1.04200
💰 Take Profit 2: 1.04753
This setup targets the support level, suggesting a potential upward movement.
🔴 Intraday Sell Trade Idea
📍 Entry Price: 1.04200
🛡️ Stop Loss: 1.05648
🎯 Take Profit 1: 1.03742
💰 Take Profit 2: 1.03305
This setup focuses on the resistance level, indicating a potential downward movement.
Additional Technical Insights
Fibonacci Levels: Key Fibonacci retracement and extension levels align closely with resistance and support zones, providing additional validation for trade setups.
RSI Divergence: The RSI may indicate overbought or oversold conditions, which are crucial for timing entries and exits.
MACD Crossing: A MACD crossover could signal potential momentum shifts, reinforcing the trade ideas presented.
Conclusion
Understanding the key levels and market structure is essential for effective trading. The outlined trade setups provide structured opportunities based on technical analysis, allowing traders to make informed decisions in the EURUSD market. By incorporating these insights into your trading strategy, you can navigate the forex landscape with confidence.
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