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Eurusd-3

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 27TH MARCH FORECAST The EUR/USD needs to avoid a fall through the $1.0770 pivot to target the First Major Resistance Level (R1) at $1.0828. A return to $1.08 would signal a bullish session. However, the EUR/USD needs hawkish ECB chatter and better-than-expected business survey numbers to support a breakout session. In the case of an extended rally, the bulls will likely test resistance at the Friday high of $1.08386 but fall short of the Second Major Resistance Level (R2) at $1.0896. The Third Major Resistance Level (R3) sits at $1.1022. A fall through the pivot would bring the First Major Support Level (S1) at $1.0702 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0650 and the Second Major Support Level (S2) at $1.0645. The Third Major Support Level (S3) sits at $1.0519. Looking at the EMAs and the 4-hourly chart, the EMAs send bullish signals. The EUR/USD sits above the 50-day EMA ($1.07479). The 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals. A hold above the 50-day EMA ($1.07479) would support a breakout from R1 ($1.0828) to give the bulls a run at the Friday high of $1.08386 and R2 ($1.0896). However, a fall through the 50-day EMA ($1.0479) would bring the 100-day EMA ($1.07102) and S1 ($1.0702) into play. A fall through the 50-day EMA would send a bearish signal.
Long
by skarantraderq
Huge Falling Wedge & Double Bottom It's important to note that the behavior of the EURUSD pair can be influenced by a wide range of factors such as global economic conditions, political developments, supply and demand, and market sentiment. Therefore, it's important to do your own research, analyze the market conditions, and consult with a qualified financial advisor before making any investment decisions. However, I can provide an explanation of the chart patterns you mentioned, which are the falling wedge pattern and the double bottom pattern. The falling wedge pattern is a bullish chart pattern that occurs when the price of an asset is trading within a downward sloping channel but with a contracting range. This pattern is characterized by a series of lower highs and lower lows that form two converging trendlines that slope downward. The falling wedge pattern is formed when the price reaches a support level and starts to consolidate, with the lows getting higher and higher while the highs maintain their level, indicating that the sellers are losing momentum. Once the price breaks above the upper trendline of the wedge pattern, it can indicate a trend reversal, and traders may consider buying the asset. The double bottom pattern is also a bullish chart pattern that occurs when the price of an asset forms two distinct lows at approximately the same price level, separated by a high. This pattern is formed when the price reaches a support level, bounces off it, and then falls back to the same level before bouncing again. The double bottom pattern indicates a potential trend reversal, and traders may consider buying the asset. It's important to note that chart patterns are just one of the many tools used by traders to analyze the market, and they should not be relied on exclusively for investment decisions. Additionally, it's essential to use risk management techniques, such as setting stop-loss orders, to limit potential losses if the trade does not go as expected. In summary, the falling wedge and double bottom patterns are bullish chart patterns that can occur in the EURUSD pair or any other asset, and they indicate a potential trend reversal. However, investors should conduct thorough research and analysis and consult with a financial advisor before making any investment decisions based on chart patterns. The FED news can also influence the price of the US dollar, but it's important to keep in mind that market conditions can change rapidly, and it's crucial to constantly monitor the price movements of the asset and adjust investment strategies accordingly.
Long
by Epic1st
EURUSD bulls approach strong resistance area on Fed dayEURUSD stays firmer for the fourth consecutive week as traders prepare for the key Federal Reserve monetary policy meeting on early Wednesday. The major currency pair’s latest run-up could be linked to a successful break of the 200-SMA. However, a 12-day-old ascending triangle can join the overbought RSI and a horizontal area comprising multiple hurdles marked since late January to challenge the Euro buyers between 1.0790 and 1.0805. In a case where the quote rises past 1.0805, the 61.8% Fibonacci retracement of the February-March downturn, near 1.0835, may act as an extra check towards the north before highlighting the 1.0920-30 resistance zone comprising the 78.6% Fibonacci retracement level. Meanwhile, EURUSD bears could stay off the table unless the quote remains above the stated triangle’s support line, around 1.0700 by the press time. Following that, the 1.0570 and 1.0530 levels may act as intermediate stops during the quote’s likely slump toward the monthly low near 1.0515. In a case where the Euro bears dominate past 1.0515, the YTD low marked in January around 1.0480 may act as the last defense of the buyers, a break of which might direct sellers to the November 2022 low surrounding 1.0290. Overall, EURUSD buyers appear to run up out of steam on a crucial day but the bears need validation from 1.0700 and the Federal Reserve both.
by MTradingGlobal
EUR/USD to Tackle Fed Fear and Eye $1.08 on Easing Bank CrisisIt is a relatively busy day ahead for the EUR/USD. ZEW Economic Sentiment figures for Germany and the Eurozone will draw interest today. Following the collapse of Silicon Valley Bank and Signature Bank (SBNY), economic sentiment figures are likely to weaken. Economists forecast the German Economic Sentiment Index to fall from 28.1 to 17.1 in March, with the Eurozone Economic Sentiment Index to slide from 29.7 to 16.0. This morning, the EUR/USD was down 0.03% to $1.07144. A mixed start to the day saw the EUR/USD rise to an early high of $1.07260 before falling to a low of $1.07096. The EUR/USD needs to avoid the $1.0693 pivot to target the First Major Resistance Level (R1) at $1.0755. A move through the Monday high of $1.07308 would signal a bullish session. However, the EUR/USD would need hawkish ECB chatter and better-than-expected ZEW Economic Sentiment numbers to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0793 and resistance at $1.08. The Third Major Resistance Level (R3) sits at $1.0892. A fall through the pivot would bring the First Major Support Level (S1) at $1.0655 into play. However, barring a risk-off-fueled sell-off, the EUR/USD pair should avoid sub-$1.06 and the Second Major Support Level (S2) at $1.0593. The Third Major Support Level (S3) sits at $1.0494. Looking at the EMAs and the 4-hourly chart, the EMAs send bullish signals. The EUR/USD sits above the 50-day EMA ($1.06562). The 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA converging on the 200-day EMA, delivering bullish signals. A hold above the 50-day EMA ($1.06562) would support a breakout from R1 ($1.0755) to give the bulls a run at R2 ($1.0793) and $1.08. However, a fall through the 50-day EMA ($1.06562) would bring S1 ($1.0655) and the 200-day ($1.06533) and 100-day ($1.06517) EMAs into play. A fall through the 50-day EMA would send a bearish signal.
Long
by skarantraderq
EURUSD bears take a break ahead of ECBEURUSD posted the biggest daily slump in six months as Credit Suisse headlines fanned risk aversion on Wednesday. The fall, however, needs validation from the 1.0555-50 support confluence, comprising the 100-DMA and 14-week-old ascending support line, as well as the European Central Bank’s (ECB) Monetary Policy Meeting. That said, a clear break of 1.0550, accompanied by a disappointment from the ECB could quickly drag the major currency pair towards the 200-DMA support of 1.0320. However, the 38.2% Fibonacci retracement level of the pair’s September 2022 to February 2023 upside, near 1.0460, could act as an intermediate halt during the anticipated slump. On the contrary, recovery moves require hawkish commentary, as well as a rate hike decision, from the ECB to aim for the 50-DMA hurdle surrounding 1.0725. Following that, the mid-February swing high of around 1.0810 could test the EURUSD bulls ahead of directing the run-up towards the previous monthly high, as well as the 2023 peak, of near 1.1035. Overall, EURUSD is on the bear’s radar but the quote’s further downside hinges on the key fundamental events and important support zone break.
by MTradingGlobal
EURUSD 10TH MARCH 2023The EUR/USD needs to avoid the $1.0569 pivot to target the First Major Resistance Level (R1) at $1.0601. A return to $1.06 would signal a bullish session. However, the EUR/USD would need hawkish ECB chatter and US stats to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0623 and resistance at $1.0650. The Third Major Resistance Level (R3) sits at $1.0678. A fall through the pivot would bring the First Major Support Level (S1) at $1.0547 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.05. The Second Major Support Level (S2) at $1.0515 should limit the downside. The Third Major Support Level (S3) sits at $1.0460. Looking at the EMAs and the 4-hourly chart, the EMAs send bearish signals. The EUR/USD sits below the 50-day EMA ($1.06006). The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals. A move through the 50-day EMA ($1.06006) and R1 ($1.06010) would give the bulls a run at R2 (1.0623) and the 100-day EMA ($1.06300). However, failure to move through the 50-day EMA ($1.06006) would leave S1 ($1.0547) in play. A move through the 50-day EMA would send a bullish signal.
Short
by skarantraderq