EURUSD Breakout Predicts Massive Gains Ahead - Get Ready for a W
TECHNICAL ANALYSIS
PRICE ACTION : EURUSD has been trading in an upward trend since the beginning of November 2023. The recent breakout on Hourly Timeframe from a strong resistance at 1.08850 suggests that the upward trend may continue. The pair is currently closed at 1.0900 level.
MOVING AVERAGES: The 50-day and 200-day moving averages are both sloping upwards, confirming the bullish trend. The 50-day moving average is currently above the 200-day moving average, which is a bullish signal.
SUPPORT AND RESISTANCE: The immediate support level for EURUSD is located at 1.08900, while the immediate resistance level is located at 1.09500. A break above 1.0900 could further confirm the bullish trend.
INDICATORS: The Relative Strength Index (RSI) is currently hovering around 52, indicating bullish momentum. A move above 55 would suggest even stronger bullish momentum.
FUNDAMENTAL ANALYSIS
ECONOMIC DATA: Recent economic data releases from the Eurozone and the United States have been mixed. The Eurozone's GDP growth rate has slowed, while the US economy has shown signs of resilience. This could lead to a divergence in monetary policy between the two regions, which could support EURUSD
INTEREST RATES: The European Central Bank (ECB) is expected to continue raising interest rates to combat inflation. The Federal Reserve is also expected to raise rates, but at a slower pace than the ECB. This differential in interest rates could support EURUSD.
GEOPOLITICAL FACTORS: The ongoing war in Ukraine and the associated sanctions on Russia continue to weigh on the global economy. However, these geopolitical uncertainties have not dampened the bullish sentiment for EURUSD.
TRADE OPPORTUNITY
Based on the Fundamental and Technical a long entry could be considered after a break above 1.0900, with a target of 1.09448 , 1.10155 respectively and a stop-loss below 1.08800 .
PRICE ACTION : EURUSD has been trading in an upward trend since the beginning of November 2023. The recent breakout on Hourly Timeframe from a strong resistance at 1.08850 suggests that the upward trend may continue. The pair is currently closed at 1.0900 level.
MOVING AVERAGES: The 50-day and 200-day moving averages are both sloping upwards, confirming the bullish trend. The 50-day moving average is currently above the 200-day moving average, which is a bullish signal.
SUPPORT AND RESISTANCE: The immediate support level for EURUSD is located at 1.08900, while the immediate resistance level is located at 1.09500. A break above 1.0900 could further confirm the bullish trend.
INDICATORS: The Relative Strength Index (RSI) is currently hovering around 52, indicating bullish momentum. A move above 55 would suggest even stronger bullish momentum.
FUNDAMENTAL ANALYSIS
ECONOMIC DATA: Recent economic data releases from the Eurozone and the United States have been mixed. The Eurozone's GDP growth rate has slowed, while the US economy has shown signs of resilience. This could lead to a divergence in monetary policy between the two regions, which could support EURUSD
INTEREST RATES: The European Central Bank (ECB) is expected to continue raising interest rates to combat inflation. The Federal Reserve is also expected to raise rates, but at a slower pace than the ECB. This differential in interest rates could support EURUSD.
GEOPOLITICAL FACTORS: The ongoing war in Ukraine and the associated sanctions on Russia continue to weigh on the global economy. However, these geopolitical uncertainties have not dampened the bullish sentiment for EURUSD.
TRADE OPPORTUNITY
Based on the Fundamental and Technical a long entry could be considered after a break above 1.0900, with a target of 1.09448 , 1.10155 respectively and a stop-loss below 1.08800 .