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EUR/USD_TOM - EUR/USD

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EURUSD: Bears Eye 1.0980 as ECB Interest Rate Decision LoomsEURUSD prints its first daily gain in five days as traders recover from a month-long low, preparing for the European Central Bank's (ECB) upcoming policy announcements. Despite the recent slowing of US inflation and speculation about possible significant rate cuts from the US Federal Reserve in late 2024, the Euro bulls remain cautious due to the ECB's dovish stance and economic concerns in the Eurozone. EURUSD sellers keep control Even though the Euro is recovering before the key event, the overall bearish outlook for the pair remains intact. It continues to show weakness with the 20-EMA breakdown early in the week, bearish MACD signals, and a steady RSI (14) line. Key technical levels to watch Among the key technical levels, sellers are particularly focused on the convergence of the 50-day Exponential Moving Average (EMA) and a previous resistance line around 1.0980. Following that, an ascending support line from late June near 1.0900 is also important to monitor. If the price remains below 1.0900, it could drop further to the previous monthly low around 1.0790. On the other hand, for EURUSD buyers to regain control, they need to see the price break above the 21-day EMA at around 1.1050 and a falling resistance line at about 1.1070. Additionally, a hawkish rate cut from the ECB would support this move. If the price manages to rise past 1.1070, it could test the monthly high of 1.1155 and the yearly peak around 1.1200. Downside bias gains acceptance Looking ahead, there's uncertainty about the ECB’s upcoming rate decision. Some traders anticipate a 0.50% cut, while most expect a smaller 0.25% reduction. If the ECB surprises the market with a more aggressive or unexpected rate move, it could lead to significant volatility. Therefore, EURUSD traders should hold off on new trades until the ECB's decision is announced. They should set a stop-loss to manage their risk if they are currently holding short positions.
by MTradingGlobal
EURUSD 1.1032: Resistance at 1.1300, Pressure from ECB & FEDEURUSD is currently fluctuating around the support level of 1.10320, where it has bounced several times. If this level holds, the price could rise towards the resistance level of 1.1300. The RSI is at 39.81, indicating strong selling pressure, but potential buying interest may emerge at this support. The short-term downtrend remains intact as the price is below both the EMA 34 and EMA 89. In terms of news, the ECB is expected to adjust its monetary policy this week to tackle high inflation in the Eurozone. Meanwhile, the USD is strengthening due to expectations that the FED will continue its tight monetary stance. These factors from the ECB and FED will significantly impact EURUSD’s next moves.
Long
by Romio_pro
EURUSD Awaits Nonfarm, Potential for Price IncreaseNonfarm Payrolls data and U.S. labor statistics have a strong impact on the USD and EURUSD trend. If the data is unfavorable, EURUSD may see a price increase. On the chart, EURUSD is fluctuating around 1.11077 after reaching resistance near 1.11500. The EMA 34 and EMA 89 are supporting the short-term upward trend, indicating that the price may continue to rise after the current adjustment. EURUSD could make a slight correction to 1.10760 before rising again. If support holds and economic news is favorable, the next target is 1.11389.
Long
by Romio_pro
1
EURUSD Faces Resistance, Downtrend ContinuesThe price is fluctuating around the EMA lines, with the EMA 34 above the EMA 89, signaling a short-term recovery but not strong enough to break the main downtrend. A strong support level at 1.10300 has previously caused the price to bounce back. This is also the level that may be revisited if the downtrend continues. The 1.1158 zone is a strong resistance. If the price fails to break through this area, the downtrend is likely to persist. The RSI is at a neutral level, near 50, indicating that the market is balanced, with no signs of being overbought or oversold. EURUSD could continue to decline towards the support level before retesting the resistance. If it fails to break the resistance, the downtrend may continue in the near future.
Short
by Romio_pro
1
EUR/USD Near 1.11400 Resistance: Breakout or Pullback?The chart shows an upward trendline with EUR/USD approaching the key resistance level of 1.11400, where selling pressure may arise if the price fails to break through. The crucial support currently lies around 1.10500, a level to which the price might retreat if it fails to surpass the resistance. EUR/USD is testing this resistance zone, with the potential for a breakout if buying pressure strengthens. Otherwise, the price is likely to retest the rising trendline.
Short
by Romio_pro
EURUSD: Sellers stay optimistic, watching 21-EMA & US dataThe EURUSD pair has lost momentum after briefly recovering from the 21-EMA support level. Traders are now focused on upcoming US job reports, including the Initial Jobless Claims, ADP Employment Change, and ISM Services PMI. This cautious mood is making it hard for the Euro to gain traction. Multiple catalysts lure Euro bears The EURUSD pair has been stuck in a trading range for a week, with the RSI (14) showing no strong trend. However, a bearish chart pattern and bearish MACD signals keep sellers hopeful. Optimism about strong US data and concerns about an economic slowdown in the Eurozone add to the negative outlook for the Euro. Technical levels to watch EURUSD pair’s repeated bounces of 21-EMA support of 1.1050 highlights the numbers as a tough nut to crack for short-term sellers. Following that, a three-month-old resistance-turned-support near 1.0980 will lure the bears. In a case where the quote remains bearish past 1.0980, a gradual decline toward the rising wedge confirmation’s theoretical target near 1.0700 can’t be ruled out. Meanwhile, EURUSD buyers need validation from 1.1080 to regain control. Even so, the aforementioned rising wedge’s bottom line surrounding 1.1210 will be a crucial resistance to watch for the bulls. Following that, the pair’s gradual run-up toward the previous yearly high of 1.1275 appears more likely. Looking ahead… A slew of US employment and activity data will decorate Thursday’s economic calendar and direct EURUSD traders. However, the quote’s failure to cheer the US Dollar’s weakness can please sellers should the scheduled statistics favour the Greenback’s run-up by dimming the odds of heavy Fed rate cuts.
by MTradingGlobal
EUR/USD Near 1.10300 USD Support, Short-Term Upside PotentialThe H3 chart of EUR/USD shows the price approaching a crucial support level around 1.10300 USD, a zone that has held firm previously and may trigger an upward move if unbroken. The 20 SMA is currently exerting downward pressure, but if the support holds, a short-term recovery is possible. The price is also trading near the lower Bollinger Band, indicating the potential for a bounce from this support level. Traders might consider buying near the 1.10300 USD support if clear reversal signals emerge. Market sentiment for EUR/USD is still influenced by economic and political factors from both the Eurozone and the U.S.
Long
by Romio_pro
EURUSD: Rising wedge signals bullish exhaustion, focus on dataEURUSD pares its biggest daily loss in 11 weeks early Thursday. In doing so, it's bouncing back from a key support level and the 50-Exponential Moving Average (EMA). EURUSD bulls take a breather… This rebound suggests that the Euro might be running out of steam before important economic data is released. Among them, the first reading of Germany’s inflation for August and the US Q2 GDP’s revision gain the attention of intraday traders. That said, the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicators suggest a potential bullish trend, but confirmation is needed. Key technical levels to watch… The EURUSD buyers need validation from a one-week-old horizontal resistance area surrounding 1.1150 and the US/German data to keep the reins. Following that, the yearly high marked earlier in the week around 1.1200 will lure the Euro bulls. In a case where the quote remains firmer past 1.1200, the aforementioned wedge’s top line of near 1.1250 and the previous yearly top of 1.1275 will act as the final defenses of the sellers. On the contrary, EURUSD sellers must wait for a clear downside break of 1.1100 to confirm the bearish chart formation and aim for further declines. In that case, a convergence of the 200-EMA and an ascending trend line from early June, the previous resistance near 1.0980, will be in the spotlight. Should the pair remain bearish past 1.0980, the odds of witnessing further downward trajectory toward the rising wedge’s theoretical target of 1.0680 can’t be ruled out. What next? In summary, the EURUSD is currently on a positive track, but further gains may depend on upcoming economic data and potential pullbacks.
by MTradingGlobal