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Falling wedge highlights EURUSD as markets await FOMC MinutesEURUSD pares weekly losses within a fortnight-long falling wedge bullish chart formation ahead of Fed Minutes. The major currency pair’s rebound appears more interesting as it stays beyond the 200-EMA amid a steady RSI (14) line, suggesting further upside. However, the Euro bulls need to carve out the 1.0920 hurdle to confirm the bullish pattern pointing towards the theoretical target of 1.1100. However, the late June high of around 1.1010 and the yearly peak of around 1.1095 may act as an intermediate halt during the anticipated rise. Meanwhile, a downside break of the 200-EMA, around 1.0865 at the latest, will direct the EURUSD bears toward confronting the 1.0835-30 support confluence comprising the stated wedge’s bottom line and an ascending trend line from late May. It’s worth noting that a clear downside break of 1.0830 will make the Euro pair vulnerable to testing the early June swing high of around 1.0780. Additionally, the quote’s weakness past 1.0780 could direct it to the previous monthly low of near 1.0660. Overall, the EURUSD pair is likely preparing for a bullish move but the upside needs to cross the 1.0920 resistance and gain support from the dovish Fed Minutes to convince the buyers.
by MTradingGlobal
EURUSD bears have a long road ahead before taking controlEURUSD holds onto the previous week’s U-turn from a five-month-old horizontal resistance while bracing for the second weekly loss, targeting the 50-EMA support of around 1.0850 of late amid a looming bear cross on the MACD. That said, the RSI (14) line’s retreat from the overbought RSI also suggests the Euro pair’s further weakness and hence the pair’s fall past the 50-EMA to the 50% Fibonacci retracement of January-April upside, near 1.0785, can’t be ruled out. However, a convergence of the 200-EMA and the 61.8% Fibonacci retracement, close to 1.0715-10, appears a tough nut to crack for the sellers. Even if the quote manages to break the 1.0710 support confluence, an upward-sloping support line from January, surrounding 1.0670, will act as the final defense of the buyers before giving control to the bears. It should be noted, however, that the EURUSD pair’s recovery from the 50-EMA support will be difficult unless crossing the multi-month-old horizontal resistance area around 1.0990. Also acting as the short-term upside hurdle is the 1.1000 psychological magnet. Following that, the yearly high marked in April near 1.1095 holds the key to the major currency pair’s rally toward the March 2022 peak of 1.1185. Overall, the EURUSD is likely to witness further downside but the road towards the south won’t be smooth.
by MTradingGlobal
EURUSD appears bullish on ECB DayEURUSD defends recovery from 200-EMA, as well as stays above the 50-EMA hurdle, as markets prepare for the ECB. In doing so, the Euro pair lures buyers amid hawkish expectations from the European Central Bank (ECB). That said, the 23.6% Fibonacci retracement level of the pair’s upside from late November 2022 to May 2023, near 1.0900, appears immediate resistance for the bulls to watch before targeting the 1.1000 threshold. It’s worth noting, however, that the nearly overbought RSI may restrict the major currency pair’s advances past 1.1000, highlighting February’s peak of around 1.1035, as well as the yearly top marked in May around 1.1100. On the flip side, a dovish hike from the ECB and a daily close below the 50-DMA support of 1.0810 becomes necessary to please intraday sellers of the EURUSD pair. Even so, the 200-EMA of around 1.0690 will challenge the bears. Should the pair drops below the key EMA support, the previous monthly low of around 1.0635 can act as the final defense of the Euro bulls. Following that, a southward trajectory toward the lows marked in March and January, respectively around 1.0515 and 1.0480, will be in the spotlight. To sum up, EURUSD is likely to approach the yearly high unless the ECB disappoints.
by MTradingGlobal
EURUSD bears have a bumpy road to travelEURUSD’s failure to cheer the US Dollar’s first weekly loss in four appears less positive for the pair bears as multiple supports stand ready to offer a bumpy road toward the south. That said, a fortnight-old previous resistance line, around 1.0690 by the press time, appears the immediate support for the sellers to conquer. Following that, the previous weekly low of around 1.0635 will return to the chart. It’s worth noting, however, that the 61.8% and 78.6% Fibonacci Expansion (FE) of the pair’s May 16 to June 02 moves, respectively ear 1.0610 and 1.0565, appear tough nuts to crack for the Euro bears before approaching the lows marked in March and January, close to 1.0515 and 1.0480 in that order. Meanwhile, the EURUSD rebound needs validation from the 100-SMA hurdle, surrounding 1.0785 as we write. Should the quote manages to remain firmer past 1.0785, it can easily climb to the mid-May swing high of near 1.0900. However, multiple lows marked during early May around 1.0935-40 can challenge the pair buyers before giving them the power to challenge the 1.1090-1100 horizontal resistance comprising tops marked in May and late April. Overall, EURUSD bears appear to run out of steam but are stubborn enough to not leave the driver’s seat.
by MTradingGlobal
Short on EURUSD pairIn daily chart EURUSD formed the bearish candle with strong selling Volume candle. In 4hr Time frame it has formed Falling Wedge Pattern and make breakdown for downside. ------------------------------------------------------------------------------------------------------------- Risk and reward In this trade will be 6:91 Entry At : 1.09761 Sl will be : 1.10307 Target 1 : 1.08394 Target 2 : 1.07164 Final Target : 1.05990 --------------------------------------------------------------------------------------------------- This is education purpose trade. Please take advice from your financial adviser before taking any trade in live market. ----------------------------------------------------------------------------------------------------- For more update Stay tuned with us. Trading Cafe 24 Thank you
Short
by Trading_Cafe24
7
EURUSD remains on the bull’s radar beyond 1.0900EURUSD prins mild gains within a one-month-old bullish channel even as RSI eases from the overbought conditions. That said, the impending bear cross on the MACD joins the major currency pair’s inability to stay beyond 1.1000 to lure sellers. However, a clear downside break of the stated channel’s bottom line, close to 1.0900 at the latest, becomes necessary for the confirmation of downside bias. Even so, the 50-SMA and an ascending support line from early January, respectively near 1.0745 and 1.0585 in that order, appear tough nuts to crack for the pair sellers before retaking the control. Meanwhile, the EURUSD recovery needs to sustain above the 1.1000 psychological magnet to convince buyers. In that case, the aforementioned channel’s top line, close to 1.1100, may test the upside momentum. Should the Euro price remains firmer past 1.1100, the 61.8% Fibonacci Expansion (FE) of its between November 10, 200 and March 15, 2023, near 1.1200, could lure the upside momentum. During the run-up, the late March 2022 top surrounding 1.1185 can act as an intermediate halt. Overall, EURUSD bulls appear to run up out of steam but the bears have a long and bumpy road before taking control.
by MTradingGlobal
Two-month-old resistance line challenges EURUSD bullsEURUSD bulls struggle at an 11-week-high as an upward-sloping trend line resistance challenges the major currency pair’s further upside around the 1.1000 psychological magnet. Adding strength to the stated resistance is the overbought RSI conditions. Even if the quote manages to cross the 1.1000 hurdle, the YTD high marked in February around 1.1035 could act as an additional upside filter for the bulls to tackle before approaching the late March 2022 peak around 1.1185. Following that, the previous yearly high of 1.1495 will be in focus. Alternatively, the EURUSD pullback could initially aim for the 1.0930 resistance-turned-support area comprising multiple levels marked in the last two months, a break of which will highlight the 100-SMA level of 1.0860 as the key support. It’s worth noting, however, that a clear downside break of 1.0860 won’t hesitate to drag the Euro pair toward the monthly low of near 1.0785. Though, the 200-SMA level of 1.0745 could restrict the quote’s south run afterward. To sum up, EURUSD bulls appear running out of steam and hence a pullback in prices can be expected. However, the bearish trend is still far from sight.
by MTradingGlobal
EURUSD eases on the way to refresh 2023 highEURUSD extends the previous day’s pullback from a seven-week-old ascending resistance line as it pares the weekly gains, the third consecutive one. While the overbought RSI joined the stated resistance line to recall sellers, bullish MACD signals and a two-week-old ascending trend line, around 1.0820, challenge the Euro bears. Following that, the 100-SMA and 200-SMA, respectively around 1.0785 and 1.0700 could lure the pair sellers. On the contrary, the aforementioned resistance line near 1.0980 acts as an immediate upside hurdle before directing EURUSD buyers toward the current Year-To-Date high, near 1.1035. In a case where the Euro bulls keep the reins past 1.1035, the January 2022 bottom surrounding 1.1120 will be in focus. During the quote’s advances past 1.1120, tops marked during the late March of the last year can probe the buyers near 1.1185 and 1.1235. Overall, EURUSD is well-set for a fresh yearly top even if the bulls are hesitant of late.
by MTradingGlobal
EURUSD grapples with 1.0930 hurdle ahead of EU, US inflation EURUSD braces for the biggest weekly gains since early January even as it eases from a 2.5-month-old horizontal resistance area surrounding 1.0930 ahead of this week’s top-tier data, namely the Eurozone and US inflation clues. That said, a fortnight-long ascending support line joins firmer oscillators to keep Euro pair buyers hopeful of crossing the critical upside barrier holding the key for the quote’s run-up towards challenging the yearly top surrounding 1.1035. In a case where the pair remains firmer past 1.1035, which is less likely considering the RSI (14) line’s nearly overbought conditions, the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves, near 1.1200. On the contrary, pullback moves need to break the immediate two-week-old support line, close to 1.0840 at the latest, to lure intraday EURUSD sellers. Even so, a convergence of the 50-DMA and 23.6% Fibonacci retracement of November-February upside, near 1.0730, can put a floor under the price. Following that, the 100-DMA, the monthly low and January’s bottom, around 1.0615, 1.0515 and 1.0480 in that order, may act as the last defenses of the pair buyers, a break of which could hand over control to the bears. Overall, EURUSD is on the bull’s radar and is very much capable of refreshing the yearly top. However, it all depends upon today’s inflation data and hence Euro bulls should wait for the actual data before taking any major positions.
by MTradingGlobal
EURUSD stays bullish unless breaking 1.0540 support confluenceAfter stalling a four-month winning streak in February, EURUSD prints mild gains so far in March. That said, the major currency pair’s latest recovery takes place from the 1.0540 support confluence comprising the 200-day Exponential Moving Average (EMA) and a three-month-old ascending support line. The upside momentum also takes clues from the upward-sloping RSI (14) line and upbeat MACD signals. As a result, the quote is well-set to challenge the last December’s peak surrounding 1.0740. Should the quote manage to remain firmer past 1.0740, which is more likely, the prices could aim for the mid-February top of around 1.0800. However, multiple hurdles could challenge the Euro bulls afterward, if not then the pair’s north-run toward the previous monthly high of near 1.1035 can’t be ruled out. Meanwhile, a daily closing below the 1.0540 support confluence could quickly fetch the EURUSD price to January’s bottom of 1.0481 before highlighting the December 07 low near 1.0445. In a case where the pair sellers keep the reins past 1.0445, the 50% and 61.8% Fibonacci retracements of its run-up from November 2022 to February 2023, respectively near 1.0380 and 1.0230, could flash on their radar. It’s worth observing that the late October 2022 high near 1.0095 and the 1.000 level are crucial for the Euro bears to watch past 1.0230. Overall, EURUSD remains on the bull’s radar as it stays firmer beyond the key support ahead of Fed Chair Jerome Powell’s semi-annual Testimony.
by MTradingGlobal
EURUSD stays on the bear’s radar despite recent reboundEURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered the quote’s pullback from the key upside hurdle. Even if the pair crosses the 1.0690 immediate resistance, a horizontal area comprising multiple levels marked since January-end, around 1.0788-805, appears a tough nut to crack for the bulls. It’s worth noting that the quote’s successful run-up beyond 1.0805 won’t hesitate to challenge January’s high of near 1.0930. Meanwhile, pullback moves could aim for the previous resistance line from early February, close to 1.0585. Following that, lows marked during the previous month and January, near 1.0530 and 1.0480 in that order, could lure the EURUSD bears. Should the pair remains bearish past 1.0480, bottoms marked in late November around 1.0290 and 1.0220 may act as the last stops for the sellers before highlighting the parity level of 1.0000. Overall, EURUSD is likely to grind higher for the short term but the medium-term bearish trend remains intact.
by MTradingGlobal
Technical Analysis: EURUSD buyers need ECB’s support to keep conEURUSD remains above the top line of a three-month-long bullish after the Fed-inspired volatility. The nearly overbought RSI (14), however, suggests that the bulls are running out of steam of late. That said, the 100.0% Fibonacci Expansion (FE) of the pair’s moves between November 11, 2022, and January 06, 2023, close to 1.1045, appears immediate hurdle for the bulls to cross to keep the reins. Following that, a run-up toward the late March 2022 high near 1.1185 can’t be ruled out. It should be noted that the 1.1100 round figure may offer an intermediate halt during the likely run-up. It should be noted, however, that the quote’s pullback moves remain elusive unless EURUSD remains beyond the stated channel’s top-line, close to 1.0970. Following that, 78.6% and 61.8% FE levels, respectively near 1.0930 and 1.0830 will precede the 21-EMA surrounding 1.0800 to restrict the short-term downside of the pair. Also acting as nearby key support is an upward-sloping trend line from early November 2022, around 1.0780 at the latest. In a case where the pair breaks the stated trend line support, its drop to the aforementioned bullish channel’s lower line and then to January’s low, respectively near 1.0610 and 1.0480, becomes imminent. Though, the bears are less likely to have a smooth road unless breaking the 1.0480 level. To conclude, the EURUSD stays firmer ahead of the European Central Bank (ECB) announcements but the upside seems losing momentum and hence a pullback could be witnessed if the ECB disappoints Euro bulls. Even so, the trend reversal is far from sight.
by MTradingGlobal
EURUSD, 1D BEARISH FORECASTDespite the fact EU trading in correction, I've spotted an area where traders should pay attention to, the price has already tested the major resistance level between Aug-Sep. Consider below reasons for selling market. 1. EURUSD is now trading below 50% and 61.8 fib ret. This is clear indication that EUR could continue trading low against Cable. 2. Another reason is that our harmonic or XABCD pattern have came with a bat pattern, which shows that the CD leg has already been completed, and the Bearish movement has taken place according to the current market price. 3. I've noticed that the price has started with raising trendline or channel from the price level of 0.95455 which matced exactly to the 100% of the 31 may high. And the last highest traded price matched with our last part of our bat pattern leg that's D and that's exactly the resistance of the raising trendline/channel. 4. The European Central Bank (ECB) has came dovish after their interest rate decision, and the Lagarde hints more economical pains till end of the year. With the above reasons I believe EURUSD will reach atleast 0.98088, which is retest level of broken descending trendline respected since 08/Jun/22, it also matches our 78.6 ret level, and the testing area of raising trendline/channel. It means price has to reset raising trendline/channel atleast before going back high to 61.8 ret level. Find confirmation using lower timeframe.
Short
by CELGIB_TRADING
EURUSD Trading Plan - 19/May/2022Hello Traders, Hope you all are doing good!! I expect EURUSD to go down after this correction. Look for your SELL setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea
Short
by For3xScalper