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EURUSD FORECAST 29TH MARCH 2023EUR/USD Bulls to Target $1.0850 on German Consumer Confidence It is a relatively busy day for the EUR/USD, with German and French consumer confidence and ECB commentary to draw interest. The EUR/USD needs to avoid the $1.0829 pivot to target the First Major Resistance Level (R1) at $1.0862. A move through the Tuesday high of $1.08485 would signal a bullish session. However, the EUR/USD needs hawkish ECB chatter and better-than-expected consumer confidence 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 $1.0882 and resistance at $1.09. The Third Major Resistance Level (R3) sits at $1.0936. A fall through the pivot would bring the First Major Support Level (S1) at $1.0809 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.075. The Second Major Support Level (S2) at $1.0775 should limit the downside. The Third Major Support Level (S3) sits at $1.0721. Looking at the EMAs and the 4-hourly chart, the EMAs send bullish signals. The EUR/USD sits above the 50-day EMA ($1.07746). The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals. A hold above the Major Support Levels and the 50-day EMA ($1.07746) would support a breakout from R1 ($1.0862) to give the bulls a run at R2 ($1.0882) and $1.09. However, a fall through S1 ($1.0809) would bring S2 ($1.0775) and the 50-day EMA ($1.07746) into play. A fall through the 50-day EMA would send a bearish signal.
Long
by skarantraderq
EUR/USD to Target $1.09 on Easing Bank Jitters and ECB ChatterThis morning, the EUR/USD was up 0.13% to $1.08107. A mixed start to the day saw the EUR/USD fall to an early low of $1.07949 before rising to a high of $1.08195. The First Major Resistance Level (R1) at $1.0817 capped the upside. The EUR/USD needs to avoid a fall through the $1.0781 pivot to retarget the First Major Resistance Level (R1) at $1.0817 and the morning high of $1.08195. A move through the morning high 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 the Second Major Resistance Level (R2) at $1.0836 and resistance at $1.0850. The Third Major Resistance Level (R3) sits at $1.0891. A fall through the pivot would bring the First Major Support Level (S1) at $1.0761 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.07. The Second Major Support Level (S2) at $1.0725 should limit the downside. The Third Major Support Level (S3) sits at $1.0670. Looking at the EMAs and the 4-hourly chart, the EMAs send bullish signals. The EUR/USD sits above the 50-day EMA ($1.07576). The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals. A hold above S1 ($1.0761) and the 50-day EMA ($1.07576) would support a breakout from R1 ($1.0817) to give the bulls a run at R2 ($1.0836) and $1.0850. However, a fall through S1 ($1.0761) and the 50-day EMA ($1.07576) would bring S2 ($1.0725) into play. A fall through the 50-day EMA would send a bearish signal.
Long
by skarantraderq
EURUSD FORECAST 16TH MARCH 2023The EURUSD pair’s strong decline stopped at 1.0515 yesterday, which formed solid support against the price, to rebound bullishly and start building bullish wave on the intraday basis, motivated by stochastic positivity. Therefore, we expect to witness more bullish bias in the upcoming sessions, and the targets begin at 1.0640 and extend to 1.0745 after surpassing the previous level. On the other hand, we should note that breaking 1.0515 will stop the expected rise and press on the price to suffer additional losses that reach 1.0440. The expected trading range for today is between 1.0515 support and 1.0680 resistance. The expected trend for today: Bullish
Long
by skarantraderq
U.S. inflation reports and the ECB's interest rate U.S. will release CPI and PPI data on 14 and 15 March at 12:30 p.m. UTC The Consumer Price Index (CPI) is a monthly report measuring differences in prices of goods and services consumers buy. Producer Price Index (PPI) shows changes in the price of goods and services producers purchase. Both reports are popular inflation indicators, and inflation is the most important data for the Federal Reserve (Fed) to plan its monetary policy. CPI and PPI reports will give clues on the outcome of the next Fed's policy meeting on 21–22 March. The market expects inflation to slow only a little, meaning the Fed will have to provide more rate hikes. If reports indicate a substantial slowdown in inflation, it will surprise the market and bring down the U.S. dollar. The ECB's interest rate decision is due on 16 March at 1:15 p.m. UTC. The market is firmly sure that the European Central Bank will deliver a 50-basis points (bps) rate hike. If these expectations of a 50-bps hike are met, EURUSD will rise slightly as the rate increase is already priced in. In case the rate hike is smaller than expected, the euro will drop sharply. However, this scenario is highly unlikely to happen.
by skarantraderq
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
EURUSD FORECAST 8th MARCH 2023The EUR/USD needs to move through the $1.0597 pivot to target the First Major Resistance Level (R1) at $1.0647. A return to $1.0550 would signal a bullish session. However, the EUR/USD would need the German and US stats to support a breakout session. In the case of an extended rally, the bulls will likely test resistance at $1.07 but fall short of the Second Major Resistance Level (R2) at $1.0745. The Third Major Resistance Level (R3) sits at $1.0893. Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0499 in play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0450 and the Second Major Support Level (S2) at $1.0448. The Third Major Support Level (S3) sits at $1.0300. Looking at the EMAs and the 4-hourly chart, the EMAs send bearish signals. The EUR/USD sits below the 50-day EMA ($1.06231). The 50-day EMA slid 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 ($1.06231) would support a breakout from R1 ($1.0647) to give the bulls a run at $1.07. However, failure to move through the 50-day EMA ($1.06231) would leave S1 ($1.0499) in play. A move through the 50-day EMA would send a bullish signal.
Long
by skarantraderq
EURUSD FORECAST 7TH MARCH 2023The EUR/USD needs to avoid the $1.0665 pivot to target the First Major Resistance Level (R1) at $1.0708. A move through the Monday high of $1.06943 would signal a bullish session. However, the EUR/USD would need the German stats and Fed Chair Powell to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0737 and resistance at $1.0750. The Third Major Resistance Level (R3) sits at $1.0810. A fall through the pivot would bring the First Major Support Level (S1) at $1.0636 into play. However, barring a Fed-fueled sell-off, the EUR/USD pair should avoid sub-$1.060 and the Second Major Support Level (S2) at $1.0593. The Third Major Support Level (S3) sits at $1.0521. Looking at the EMAs and the 4-hourly chart, the EMAs send more bullish signals. The EUR/USD sits above the 200-day EMA ($1.06799). The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA closing in on the 200-day EMA, delivering bullish signals. A hold above the 200-day EMA ($1.06799) would support a breakout from R1 ($1.0708) to give the bulls a run at R2 ($1.0737). However, a fall through the 200-day ($1.06799) and 100-day ($1.06567) EMAs would bring S1 ($1.0636) and the 50-day EMA ($1.06345) into play. A slide through the 50-day EMA would send a bearish signal.
by skarantraderq
EURUSD Forecast, 03 Mar,23At the time of writing, the EUR/USD was up 0.08% to $1.06057. A mixed start to the day saw the EUR/USD fall to an early low of $1.05946 before rising to a high of $1.06148. The EUR/USD needs to move through the $1.0615 pivot to target the First Major Resistance Level (R1) at $1.0654 and the Thursday high of $1.06728. A return to $1.0650 would signal a bullish session. However, the EUR/USD would need the services PMIs and the Fed commentary to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0712. The Third Major Resistance Level (R3) sits at $1.0808. Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0558 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 $1.0519 should limit the downside. The Third Major Support Level (S3) sits at $1.0423. Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.06228). The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA, delivering bearish signals. A move through the 50-day EMA ($1.06228) would support a breakout from R1 ($1.0654) and the 100-day EMA ($1.06581) to target the 200-day EMA ($1.06836) and R2 ($1.0712). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.06228) would leave the Major Support Levels in play. The US Session Looking ahead to the US session, it is a busy day on the US economic calendar. The all-important ISM Non-Manufacturing PMI for February will draw plenty of investor interest. We expect market sensitivity to the headline PMI and sub-components, with the ISM Non-Manufacturing Prices Index the one to watch. Other stats include finalized S&P Global Services and Composite PMI numbers that should play second fiddle to the ISM survey-based numbers. With the services sector in the spotlight, investors need to monitor FOMC member chatter. FOMC members Logan, Bostic, and Bowman will deliver speeches today. Investors will want to gauge how high and for how long the Fed will push interest rates to curb inflation and return it to target. On Thursday, FOMC member Bostic favored a 25-basis point rate hike in March.
Long
by skarantraderq
EURUSD 27th Feb ForecastThe EUR/USD needs to move through the $1.0565 pivot to target the First Major Resistance Level (R1) at $1.0594 and the Friday high of $1.06143. A return to $1.06 would signal a bullish session. However, the EUR/USD would need the stats and the ECB chatter to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0643. The Third Major Resistance Level (R3) sits at $1.0722. Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0516 in play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0450. The Second Major Support Level (S2) at $1.0487 should limit the downside. The Third Major Support Level (S3) sits at $1.0409. Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.06397). The 50-day EMA slid back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals. A move through R1 ($1.0594) would give the bulls a run at the 50-day EMA ($1.06397) and R2 ($1.0643). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.06397) would leave the Major Support Levels in play.
Long
by skarantraderq
EURUSD Forcast 24/02/2023The EUR/USD needs to avoid a fall through the $1.0600 pivot to target the First Major Resistance Level (R1) at $1.0623 and the Thursday high of $1.06278. A return to $1.0620 would signal a bullish session. However, the EUR/USD would need today’s stats and the ECB chatter to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0651. The Third Major Resistance Level (R3) sits at $1.0701. A fall through the pivot would bring the First Major Support Level (S1) at $1.0572 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 $1.0549 should limit the downside. The Third Major Support Level (S3) sits at $1.0498. Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.06626). The 50-day EMA fell back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals. A move through R1 ($1.0621) would give the bulls a run at R2 ($1.0651) and the 50-day EMA ($1.06626). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.06626) would leave the Major Support Levels in play. The US Session It is a busy day on the US economic calendar. Personal income, spending, and inflation will be in focus. An unexpected rise in the Core PCE Price Index would fuel bets of a more hawkish Fed. Economists forecast the Core PCE Price Index to rise by 4.3% year-over-year in January. The Index was up 4.4% in December. Later in the session, consumer sentiment and Fed chatter will also draw interest. FOMC member Loretta Mester will deliver a post-stats speech.
Long
by skarantraderq
EURUSD Forecast for 22nd Feb,2023The EUR/USD needs to move through the $1.0660 pivot to target the First Major Resistance Level (R1) at $1.0682 and the Tuesday high of $1.06983. A return to $1.0680 would signal a bullish session. However, the EUR/USD would need today’s stats and the Fed minutes to support a breakout session. In the case of an extended rally, the bulls will likely test the Second Major Resistance Level (R2) at $1.0721. The Third Major Resistance Level (R3) sits at $1.0782. Failure to move through the pivot would leave the First Major Support Level (S1) at $1.0621 in play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.0550. The Second Major Support Level (S2) at $1.0599 should limit the downside. The Third Major Support Level (S3) sits at $1.0538 Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.06954). Following the bearish cross on Wednesday, the 50-day EMA pulled further back from the 200-day EMA, with the 100-day EMA closing in on the 200-day EMA, delivering bearish signals. A move through R1 ($1.0682) and the 50-day EMA ($1.06954) would give the bulls a run at R2 ($1.0721) and the 200-day EMA ($1.07255). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.06954) would leave the Major Support Levels in play. It is a relatively quiet day on the US economic calendar. There are no US economic indicators for investors to consider today. The lack of stats will leave the Fed in the spotlight. Late in the US session, the FOMC meeting minutes will draw plenty of interest. Following the latest round of US economic indicators and hawkish Fed chatter, the markets will dissect the minutes to gauge how far the Fed is willing to go. FOMC member chatter will also influence the dollar, with FOMC member Williams speaking late in the session.
Long
by skarantraderq
EURUSD Forecast 20th Feb,2023Today we may see a small correction and then again a rally into a Bull Section. Please pay attention to the mentioned levels for any trade set up. 18th Feb DH - 1.06986 DL - 1.06126 20TH FEB,2023 R1- 1.0724, S1- 1.0638 R2- 1.0754 R3- 1.0840, S3 - 1.0583 The EUR/USD needs to avoid a fall through the $1.0668 pivot to target the First Major Resistance Level (R1) at $1.0724. A return to $1.07 would signal a bullish session. However, the EUR/USD would need ECB member chatter and today’s 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 $1.0754. The Third Major Resistance Level (R3) sits at $1.0840. A fall through the pivot would bring the First Major Support Level (S1) at $1.0638 into play. However, barring a data-fueled sell-off, the EUR/USD pair should avoid sub-$1.06 and the third Major Support Level (S3) at $1.0583. Looking at the EMAs and the 4-hourly chart, the EMAs send a bearish signal. The EUR/USD sits below the 50-day EMA ($1.07131). Following the bearish cross on Wednesday, the 50-day EMA pulled further back from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish signals. A move through the 50-day EMA ($1.07131) and R1 ($1.0724) would give the bulls a run at the 200-day ($1.07328) and the 100-day ($1.07456) EMAs. A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($1.07159) would leave the Major Support Levels in play
Long
by skarantraderq
EURUSD Ahead Of CPI Today , 16th Feb ,2023The euro lost 0.43% yesterday as the U.S. Dollar Index (DXY) climbed to a six-week high after better-than-expected U.S. retail sales data was released. Possible effects for traders Upbeat economic data has fueled more hawkish expectations on the U.S. interest rate. According to Reuters, the Federal Reserve's (Fed) terminal rate has been adjusted to about 5.25%. Thus, the fundamental pressure on the DXY remains bullish, so EURUSD weakened. Still, the euro rebounded slightly during the Asian session earlier today but failed to hold above the important 1.07100 level. Today, there are two crucial events traders should focus on: the release of the U.S. Producer Price Index (PPI) data and the publication of the latest U.S. Jobless Claims. Both reports will be released at 1:30 p.m. GMT. These data can potentially deepen the short-term bearish trend in EURUSD. However, if PPI figures come out below expectations, EURUSD may rally above 1.07500.
by skarantraderq