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EURUSD.1 trade ideas

EURUSD licks its wounds at fortnight-low ahead of Fed MinutesEURUSD dropped the most in three weeks on Tuesday after a downside break of an ascending trend line from mid-November and the 50-SMA. Adding strength to the downside bias are the bearish MACD signals. However, the nearly oversold RSI (14) line joins the 100-SMA support of 1.0935 to restrict short-term declines of the Euro pair. Even if the pair slides beneath 1.0935, the bottom line of a two-month-long bullish channel, close to 1.0840 at the latest, acts as the last defense of the pair buyers. Following that, the bears will be able to aim for the previous monthly low surrounding 1.0725. Meanwhile, the EURUSD pair’s recovery hinges on the quote’s ability to stay beyond the 1.1020-25 resistance confluence comprising the 50-SMA and previous support line stretched from December 18. In a case where the Euro bulls keep the reins past 1.1025, the previous monthly high near 1.1140 and the aforementioned channel’s top line, around 1.1160 by the press time, will gain the market’s attention ahead of the year 2023 peak surrounding 1.1275. Overall, the EURUSD pair is likely to recover unless the Fed Minutes bolster the US Dollar strength, which is least expected. It’s worth noting, however, that the upside room appears limited.
by MTradingGlobal
EUR/USD Holds Below Mid-1.0900s Ahead of US PMI, FOMC Minutes EUR/USD edges lower to 1.0941 amid the firm USD. The US S&P Global Manufacturing PMI for December eased to 47.9 vs. 48.2 prior, weaker than expected. The increased odds of rate cuts from the European Central Bank (ECB) weigh on the Euro. The EUR/USD pair remains under pressure during the early Asian session on Wednesday. The downtick of the pair is driven by the stronger US Dollar (USD) broadly. The major pair currently trades around 1.0941, down 0.02% on the day. On Tuesday, the US S&P Global Manufacturing PMI for December eased to 47.9 from the previous reading of 48.2, weaker than the expectation of 48.2. The figure suggested a slowdown in the manufacturing sector. The Federal Reserve (Fed) delivered the dovish message at its last meeting of 2023 with the anticipation that the Fed will start easing the cycle with a quarter-point cut in March, followed by similar cuts in May and June. However, market participants will await the highly anticipated US labor data this week for more hints. Across the pond, an increased possibility of rate cuts from the European Central Bank (ECB) to boost the economy, while the Fed may hold the rate a little longer, exert some selling pressure on the Euro (EUR), and act as a headwind for EUR/USD. Investors have priced in six rate cuts for 2024 from the ECB. On Tuesday, ECB policymaker Pablo Hernandez de Cos said that economic data uncertainty remained high and that the timing of the ECB policy pivot would be determined by data. He also estimated that inflation in the Eurozone will continue to decline. Traders will keep an eye on the German Unemployment Rate, the December US ISM Manufacturing PMI, November JOLTS Job Openings, and the Federal Open Market Committee (FOMC) Minutes, due on Wednesday. The attention will shift to the US labor data on Friday, including US Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings, due later on Friday.
by Claramellorforex
eur usd short side trade The EUR/USD is in a uptrend and has recently experienced a breakdown at a significant support level. If there's a retest, we can consider a short position. Our stop loss would be set at 7 to 10 pips, and the take profit target would range between 25 to 30 pips. This trade involves a trend reversal, making it slightly riskier as it goes against the prevailing trend. However, if it aligns with a robust bearish candle in our favor, we can consider trailing our profits, aiming for at least 50 pips."
by sahiltandale824
EURUSD justifies key resistance break at multi-day topEURUSD remains firmer at the highest level since late July while justifying the previous day’s upside break of a four-month-long previous key resistance line, now support around 1.1040. Adding strength to the upside bias are the bullish MACD signals and broad fundamental weakness of the US Dollar, especially amid the Fed rate cut concerns. The same suggests the quote’s further advances toward the late July swing high surrounding 1.1150 and then to 1.1200. It’s worth noting, however, that the overbought RSI (14) line and an upward-sloping trend line stretched from early February, close to 1.1260 by the press time, could challenge the Euro pair buyers afterward. In a case where the quote remains firmer past 1.1260, the odds of witnessing a fresh yearly high, currently around 1.1275-80, can’t be ruled out. On the contrary, the 78.6% Fibonacci retracement of the July-October downside near 1.1100 puts a floor under the EURUSD prices ahead of the resistance-turned-support line of around 1.1040. Following that, the 61.8% Fibonacci ratio and the late August peak, respectively near 1.0960 and 1.0945, will test the bears before giving them control. However, the pair buyers remain hopeful unless they witness a daily closing beneath the 1.0840 support confluence comprising the 200-SMA and an ascending trend line from early November. Overall, the EURUSD buyers are likely to keep the reins even if the upside room appears limited.
by MTradingGlobal
EUR/USD Extends Rally While USD/JPY Revisits SupportEUR/USD gained bullish momentum above the 1.0985 resistance. USD/JPY is declining and showing bearish signs below the 142.85 level. Important Takeaways for EUR/USD and USD/JPY Analysis Today The Euro remained in a bullish zone and climbed above the 1.0985 resistance zone. There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen. USD/JPY is trading in a bearish zone below the 143.40 and 142.85 levels. There was a break above a major bearish trend line with resistance near 142.25 on the hourly chart at FXOpen. EUR/USD Technical Analysis: On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase above the 1.0930 zone. The Euro climbed above the 1.0985 resistance zone against the US Dollar. The pair even settled above the 1.1020 resistance and the 50-hour simple moving average. Finally, it tested the 1.1040 resistance. A high is formed near 1.1044 and the pair is now consolidating gains. USD/JPY Technical Analysis: On the hourly chart of USD/JPY at FXOpen, the pair started a strong decline well above the 143.50 zone. The US Dollar gained bearish momentum below the 142.85 support against the Japanese Yen. The pair even settled below the 142.85 level and the 50-hour simple moving average. Finally, it broke the 142.20 pivot level. A low was formed near 141.88 and the pair is now attempting a recovery wave. There was a break above a major bearish trend line with resistance near 142.25 and the 50-hour simple moving average. The pair spiked above the 23.6% Fib retracement level of the downward move from the 144.93 swing high to the 141.88 low. Immediate resistance on the USD/JPY chart is near 142.85. The first major resistance is near the 50% Fib retracement level of the downward move from the 144.93 swing high to the 141.88 low at 143.40. If there is a close above the 143.40 level and the hourly RSI moves above 60, the pair could rise toward 144.50. The next major resistance is near 145.00, above which the pair could test 146.20 in the coming days. On the downside, the first major support is near 141.85. The next major support is near the 141.45 level. If there is a close below 141.45, the pair could decline steadily. In the stated case, the pair might drop toward the 140.00 support.
by Claramellorforex
EURUSD: SHORT OPPORTUNITY? This is based on a strategy called value area. The upper trendline represent the upper limit of the value area, lower trendline represents the lower limit and the middle trendline is the control price. Notice how price is respecting these levels marked as circles, and how price is gravitating around control price, the classic example being when price breaks the upper limit of value area. The principle behind this value area strategy is price is pulled into it, marked by 1st arrow to the downside, price aggressively comes to the lower limit of value area and then reverses its direction, the same movement can be anticipated in coming sessions marked by 2nd arrow to the downside.
Short
by Siddhantmhaiske
EURUSD AnalysisFOREXCOM:EURUSD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Short
by Phinics
EURUSD gyrates within bullish pennantEURUSD seesaws within a week-long bullish pennant formation, bracing for the second weekly gain, as markets await this week’s key US data. Not only the bullish pennant but the bullish crossover of the 50-SMA to the 100-SMA also keeps the Euro buyers hopeful. It’s worth noting, however, that the RSI and MACD fail to inspire the pair bulls. As a result, a fresh long position can wait until the quote confirms the bullish chart pattern by crossing the 1.0980 immediate hurdle. To make matters more clear, in case of big positions, the buyers should seek the pair’s successful trading beyond the 1.1010-20 resistance area. Following that, a run-up toward 1.1100 will be imminent before highlighting the yearly peak of 1.1275 for the bulls. Meanwhile, the EURUSD pair’s downside break of 1.0920 support will defy the bullish pennant and can drag the prices toward the 50-SMA and the 100-SMA, respectively near 1.0880 and 1.0870. However, an upward-sloping support line from early November, close to 1.0800 by the press time, will be a crucial support to watch for defending the bulls, a break of which will give control to the bears targeting the monthly low of 1.0723 and early November bottom surrounding 1.0650. Overall, the EURUSD remains on the buyer’s radar despite the recent inaction.
by MTradingGlobal
EURUSD MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading