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Eurusd-3

EURUSD remains vulnerable to further downsideEURUSD licks its wounds around a two-year low during a cautiously optimistic Asian session on Wednesday. In doing so, the major currency pair takes a U-turn from the 61.8% Fibonacci Expansion (FE) of February-April moves. However, a downward sloping trend line from March 31 challenges the quote’s corrective pullback near 1.0830 ahead of a broad resistance zone surrounding 1.0930-60 comprising 200-SMA and multiple levels marked in the last one month. Even if the quote manages to cross the 1.0960 hurdle, a 10-week-old descending resistance line near 1.1075 will be crucial for buyers to watch. On the contrary, the 61.8% FE level near 1.0750 restricts the immediate downside of the EURUSD pair ahead of April 2020 lows near 1.0730-25. Should the quote drop below 1.0730, the 1.0700 round figure and March 2020 bottom surrounding 1.0635 will lure the pair bears. It’s worth noting, however, that the RSI conditions aren’t supporting a no-break south-run and hence intermediate pullbacks can’t be ruled out. Overall, the EURUSD rebound remains elusive until crossing the 1.1075 level
Short
by MTradingGlobal
The Fibonacci Game!After the yesterday's 160 pips fall, EURUSD took great support at $1.0776 - $1.07574 levels for a good 78 pips pull back therefrom. Saw some rejection, Retraced 50% and ended up forming a wedge with a $1.07970 low and $1.08236 high. There was quite a resistance at $1.08070 levels, Breakout therefrom made the high of $1.08236. (Which happens to be the 61.8% Retracement level too). When I got to my desk, This whole story was already in play. Price was travelling near the $1.08070 levels and thanks to the buying pressure reflected by the long wick and a hammer candle, which made the entire set up look like a re-test. 1) Getting some decent 1.95 Reward to Risk. 2) DXY seeking resistance at 100.49 levels and preparing for a quick Immediate fall. 3) Buying pressure at 61.8% retracement level. 4) Making higher highs - higher lows on a shorter timeframe. These were the reasons for me to put on this quick trade for 13-14 pips. It's just so amazing to see the way Fibonacci levels play out even on such a shorter timeframe. Fun Fact (Just in case you didn't know) - Fibonacci Sequence was first discovered by an Indian mathematician Acharya Pingala.
by pranay0508mishra
eurusd long and short on MTFMay 04, 2022 The bank expects the Fed to deliver 6 rate hikes in the year, of 25 bps each, with the first hike likely in March, followed by additional hikes in May, June, July, September and December, as per a Reuters report. According to Morgan Stanley, a rate hike of 150 basis points is appropriate this year to keep rising inflation under control. The bank had previously predicted this figure at 125 basis points. According to data released last week, the US CPI inflation jumped at its fastest pace in 40 years, or since 1982. Besides, the former U.S. Treasury Secretary Lawrence Summers last week made remarks on the Fed to likely hike interest rates at all the seven remaining policy meetings in 2022. Fears of the Fed taking more aggressive rate hikes in the year to curb rising inflation have spooked global markets, with more hold on emerging markets like India. Economists believe that the red-hot US inflation figure for January could lead to interest rate hikes by at least 100 basis points this year. Even a 50 bps hike in March would lead to ​​a sharp correction in global markets, stated the Chief Investment Strategist at Geojit Financial Services.
by satyendrasatya48
EURUSD bears eye 1.0800 ahead of US inflationEURUSD fades Friday’s rebound ahead of the key US Consumer Price Index (CPI) data for March. Steady RSI and bearish MACD signals also support the bearish bias. That said, the 1.0845-35 region offers immediate support to the currency major ahead of directing it to the latest multi-month low surrounding the 1.0800 threshold. In a case where EURUSD bears remain dominant past 1.0800, the 61.8% Fibonacci Expansion (FE) of February-March moves, near 1.0755, will be in focus. On the flip side, 23.6% Fibonacci Retracement (Fibo.) and 21-DMA, respectively around 1.0970 and 1.0990, restrict the short-term recovery of the EURUSD pair. However, bulls remain cautious until the quote stays below the 50-DMA level of 1.1125. Also acting as an upside filter is the previous month’s peak around 1.1185. It’s worth noting that the pair’s successful trading above 1.1185 enables the buyers to retake control. Overall, US inflation data is likely to exert downside pressure on the EURUSD prices.
Short
by MTradingGlobal
EURUSD bears take a breather with eyes on 1.0760A one-month-old horizontal area probes EURUSD bears amid oversold RSI conditions, portraying a corrective pullback towards the late March low near 1.0945. However, a convergence of the 50-SMA and 100-SMA, as well as bearish MACD signals, can challenge sellers afterward. In a case where the SMA confluence fails to stop buyers, 1.1120 and the last monthly peak surrounding 1.1185 will act as validation points before giving reins to the bulls. On the contrary, fresh selling should wait for a clear downside break of the aforementioned horizontal support around 1.0885-80. Following that, the yearly low near 1.0800 will be quick to return to the charts. Though, the 61.8% FE of February-March moves near 1.0760 could test the EURUSD bears afterward. If at all the pair refrains from bouncing off the 61.8% FE level, the year 2020 bottom surrounding 1.0635 will be in focus.
Short
by MTradingGlobal
EURUSD pair analysis for both directionBased on the current scenario we have 3 levels approaching, as of now it's neutral and it can be seen that it just started a bullish run as we overcome the breakeven point at 1.10200 if it breaks 1.10400 then we have a strong bull rally and if it doesn't survive we might test the levels of 1.10200 couple of times. If it breaks then 1.10200 then it means the bearish trend continues. The chart here demonstrates the analysis. The entire thing is just an analysis, trades to be taken are at your own risk.
by Leokin3
EURUSD bulls need validation from 21-DMA to retake controlsEURUSD’s corrective pullback remains below 21-DMA, as well as a two-week-old ascending trend line, suggesting a further downside towards the lower end of the latest range between 1.1120 and 1.0900. However, the 23.6% Fibonacci retracement (Fibo.) of February-March downside acts as an intermediate halt around 1.0980. While the bearish MACD and downward sloping RSI favor the bears of late, the prices have little room on the downside before the RSI turns oversold. As a result, the 1.0900 support is likely acting as a trigger for fresh buying, if not then the quote’s south-run towards the monthly low near 1.0800 can’t be ruled out. Meanwhile, the 21-DMA level surrounding 1.1035 guards the quote’s short-term rebound ahead of the previous support line from early March, near 1.1045-50 at the latest. In a case where the EURUSD prices rally beyond 1.1050, the upper end of the aforementioned trading range, close to 1.1120, will lure the bulls. It should be noted, however, that the pair’s successful break of 1.1120 will enable the buyers to challenge the 50-DMA level surrounding 1.1200. Overall, EURUSD is likely to decline further but the south-run has a limited horizon to cover.
by MTradingGlobal