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EURUSD

EURUSD tests sellers by bouncing off 1.0970 supportEURUSD dropped in the last two consecutive weeks as it fades bounce off a two-month-old rising support line. The recovery previously gained support from the RSI’s rebound from the overbought territory, as well as the looming bull cross on the MACD. However, a convergence of the 50-SMA and a fortnight-long falling resistance line, close to 1.1100-1105 at the latest, restricts the immediate upside. a horizontal area comprising multiple tops marked since July 21, close to 1.1150, also likely to challenge the Euro buyers should they manage to keep the reins past 1.1105. Following that, a run-up towards the yearly top marked during mid-July around 1.1275 can’t be ruled out. On the contrary, fresh selling needs validation from the aforementioned multi-day-old rising support line, close to 1.0970 at the latest. In a case where the EURUSD bears manage to break the 1.0970 support, it can quickly drop to the monthly low of around 1.0835. However, the 78.6% Fibonacci retracement of the May-July upside, near 1.0780, will check the Euro bears afterward, a break of which will direct the price towards May’s low of near 1.0635. Overall, EURUSD signals a corrective bounce but the bullish trend remains elusive unless the quote remains below 50-SMA and immediate trend line confluence, near 1.1100-05.
by MTradingGlobal
EURUSD bears have further downside to track, focus on 1.1000 EURUSD stays on the back foot ever since it reversed from a multi-month high the last week, despite the latest corrective bounce. The Euro pair’s south run also conquered the resistance-turned-support stretched from early February and gains support from the RSI’s pullback from overbought territory. Adding strength to the downside bias is the looming bear cross on the MACD. With this, the major currency pair is likely to decline further, suggesting a retest to the previous monthly high of around 1.1010. Following that, the 1.1000 psychological magnet and a two-month-old rising support line, close to 1.0940 by the press time, will test the bears. It should be noted that the 100-DMA acts as the final defense of the short-term pair buyers around 1.0885. On the contrary, the ascending trend line from February, near 1.1140 at the latest, restricts the immediate recovery of the EURUSD pair. Following that, 1.1200 and 1.1250 may check the Euro bulls before directing them to the latest peak of around 1.1275. In a case where the buyers remain dominant past 1.1275, the 1.1300 round figure may act as a validation point for the rally targeting the previous yearly of around 1.1500. During the run-up, the 1.1400 threshold can also provide an intermediate halt. Overall, EURUSD is likely to remain bearish as markets await the key central bank meeting decision, including the ECB and the Fed.
by MTradingGlobal
EURUSD bulls still in the game as markets await Fed, ECB playAlthough the EURUSD is all set for the first weekly loss in four, despite refreshing the 17-month high, the buyers aren’t off the board as multiple supports stand tall to challenge the downside ahead of the key week comprising monetary policy meeting from the Fed and the ECB. That said, a three-month-old horizontal support area surrounding 1.1100-1090. Following that, a broad support zone comprising multiple levels marked since early May can challenge the Euro bears between 1.1030 and 1.1000. Even if the quote breaks the 1.1000 psychological magnet, a seven-week-long rising support line near 1.0920 will act as the last defense of the buyers. On the contrary, the EURUSD rebound may initially aim for the support-turned-resistance line near 1.1180 and then to 1.1230 ahead of confronting the 1.1275-80 resistance region comprising levels marked during early 2022. In a case where the Euro pair manages to remain firmer past 1.1280, the previous yearly high of near 1.1500 will be in the spotlight. It should be noted that the pair’s run-up beyond 1.1500 needs to gain support from the hawkish ECB, as well as the dovish Fed, to aim for the late 2021 peak around 1.1700. On a different note, the RSI line slides below the 50 level suggesting brighter chances of a bottom-picking even if the MACD flashes bearish signals. To sum up, EURUSD remains on the buyer’s radar despite the latest retreat as the key event remain on the docket to shake the markets next week.
by MTradingGlobal
EURUSD bulls have multiple challenges in keeping the reinsEURUSD braces for the biggest weekly gain since November 2022 while poking the 16-month high as markets await more clues to confirm the nearness of the Fed’s policy pivot. It’s worth noting, however, that the overbought RSI conditions and an ascending resistance line from November 2022, around 1.1250 by the press time, challenge the buyers of late. Even if the quote remains firmer past 1.1250, the 1.1300 round figure will act as additional checks during the further upside. Following that, the Euro bulls will put their eyes on the previous yearly high of around 1.1500. On the contrary, pullback moves remain elusive unless the EURUSD remains firmer past the previous resistance line from February, near 1.1180 at the latest, as well as the April 2023 high of around 1.1100. A clear break of which can direct the Euro sellers towards February’s high of around 1.1030 and then to the previous monthly high of around 1.1010, quickly followed by the 1.1000 psychological magnet. In a case where the Euro bears dominate past 1.1000, a convergence of the 50-DMA and the 100-DMA, near 1.0850, will be a tough nut to crack for them. Overall, EURUSD remains on the bull’s radar despite witnessing bullish exhaustion.
by MTradingGlobal
#EURUSD. 🔴 M15. Short. (#EuroUSDollar). The Entry Price is higher than the Market Opening Price.(✔️) M15 imbalance on the potential of the H1 range. (✔️) Below the level of the First Seller of stock options. (⚠️) ps since the price is in search of a new range, we can try to sell from this reversal structure in order to pick up the corrective movement. But perhaps there will be a change of trend in this place. We'll see. According to my entry point, the first target has already worked out, and now the imbalance is retested. entry: 1.10066 (on imbalance test) stop: 1.10322 tp-1: 1.09799 tp-2: 1.09276
Short
by TrEKone
ICT Approach to EURUSD Short.Hello traders! I'm not going to elaborate on this too much. We're hitting equilibrium prices on the weekly and daily . Resistance expected . We also have a Daily Bearish OB that has already been tested, thus confirming a bearish move. The white box is a mitigation block which was not tested clearly earlier and left a gap. That what is expected to be filled. Hope you find this analysis useful. Only for educational purposes. Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
Short
by UnknownUnicorn27677748
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