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U.S. DOLLAR / EURO REFERENCE RATE

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EURUSD jostles with key resistance, PMI, Fed’s Powell eyedEURUSD traders are taking a break at its highest level since July 2023 as they await August PMI data for the Eurozone and the US. They are also keeping an eye on Fed Chair Jerome Powell’s speech at the Jackson Hole event on Friday. The overbought RSI indicates a potential pullback, with immediate support around the 78.6% Fibonacci retracement level from July-October 2023, near 1.1100. If the price falls, the rising support line near 1.1030 and the range of levels from late November 2023 around 1.1010-1.0980 might hold strong against further declines. For EURUSD buyers to regain confidence, they need to break the yearly high of around 1.1175. Overcoming this could lead to resistance around 1.1200-1.1210 before reaching the late 2023 high of around 1.1275. If the pair surpasses 1.1275, it might gradually rise towards the 2022 high near 1.1500. In summary, EURUSD is still in a bullish trend, though a short-term pullback is possible.
by MTradingGlobal
EURUSD: Confirming the bullish recovery trendEURUSD is moving around 1.1079 today and the bullish move seems to be still strong. On the analytical chart we can clearly see that EURUSD is on the rise of the uptrend with increasing confirmation highs and lows. The EMA 34, 89 are still giving good signals for the buyers and the price breached above these two EMAs so the continuation of the upward move is still preferred. Good luck to you, don't forget to leave your comments in the comment section.
Long
by Shivam_Signals
Rising wedge portrays EURUSD buyer’s exhaustion ahead of US dataEURUSD is bouncing back after a big drop, as traders wait for the University of Michigan’s Consumer Sentiment Index and Inflation Expectations for August. This bounce reverses the previous day’s decline from the highest level of 2024 and moves off the bottom of a four-week bearish chart pattern called rising wedge. The RSI indicates that the recent price increase might continue, but the MACD suggests weakening buyer interest. For sellers to take control, they need to break below the wedge’s bottom line at around 1.0960 and the 50-SMA support at 1.0946. If they succeed, they might face challenges at the 200-SMA and an upward trend line near 1.0875 and 1.0830, respectively. After that, the price could drop toward the wedge’s theoretical target of around 1.0700. On the other hand, the 1.1000 level is attracting buyers, with the recent high of 1.1050 in sight. The top line of the wedge near 1.1055 could also act as resistance. Future resistance points include December and July 2023 highs near 1.1140 and 1.1275, and the 1.1200 level might provide a resting point for buyers. Overall, the EURUSD pair is struggling to gain momentum in a bearish pattern ahead of US economic data. Sellers need confirmation from both technical and fundamental factors to take control.
by MTradingGlobal
EURUSD portrays bullish exhaustion, focus on 1.0960 and US dataEURUSD is seeing its first daily gains in three days as buyers gear up to tackle key resistance levels ahead of upcoming US employment data. Supported by positive RSI indicators and bullish MACD signals, the Euro pair aims to extend its recent uptrend towards a 13-month-old descending resistance line around 1.0950. Beyond this, it targets the upper boundary of a bullish channel stretched from April, near 1.0960. Breaking above these levels could pave the way for a challenge of the psychological barrier at 1.1000, with potential further gains towards the late 2023 peak near 1.1140. On the downside, June’s peak at approximately 1.0915 and the 1.0900 mark, along with the 50% Fibonacci retracement level near 1.0860, act as immediate support. Deeper declines might find additional footing near the 100-day Simple Moving Average (SMA) around 1.0790 and the 38.2% Fibonacci retracement level near 1.0765. Euro buyers maintain optimism unless there is a daily close below the bullish channel’s lower boundary near 1.0700. Overall, while EURUSD bulls show signs of slowing down, bearish momentum is muted, even if US economic data boosts the US Dollar.
by MTradingGlobal
EURUSD Long (1:2)To enter a long position in EUR-USD, consider doing so around the 1.0885-1.0890 range, which aligns with the recent breakout level on the 15-minute chart. This entry should be confirmed by bullish candlestick patterns such as a hammer or an engulfing pattern, accompanied by volume spikes. For the exit strategy, set your target at 1.09210 To manage risk, use a trailing stop-loss just below the breakout level at 1.0880, with a hard stop-loss placed just below the recent higher low at 1.0875. Note: this is not a trading or investment advice. It is meant for education purposes only.
Long
by ritvik88
1
EURUSD(2H)This chart is an analysis of the EUR/USD currency pair, showing price action and potential future movement based on technical analysis. ### Key Elements of the Chart: 1. **Downtrend Line**: - The chart shows a downward sloping black line, representing a trendline that the price has respected multiple times. This trendline indicates the general bearish trend that the pair has been following. 2. **Breakout and Retest**: - The price has broken above the downtrend line with a strong bullish move, indicating a potential reversal or correction of the previous downtrend. - The price is currently consolidating after the breakout, potentially preparing for a retest of the previous resistance (now turned support) near the Fibonacci levels. 3. **Fibonacci Retracement Levels**: - The chart includes Fibonacci retracement levels drawn from the recent low to high (or vice versa). The key levels visible are 0.5 (1.08519), 0.618 (1.08343), and 1 (1.07774). - The price is expected to pull back towards these Fibonacci levels, particularly between 1.08519 and 1.08343, which are marked by a gray zone, before potentially continuing its upward movement. 4. **Supply Zone**: - The gray rectangle at the top of the chart represents a supply zone where sellers are likely to enter the market. This zone is just above the 1.09264 level, and it indicates a possible target for the price if the bullish trend continues. 5. **Potential Price Movement**: - The curved arrow suggests a possible bullish scenario where the price may retrace to the Fibonacci levels before heading back up towards the supply zone around 1.09400. - This movement would align with the general idea of a breakout, retest, and continuation pattern. ### Suggested Description for TradingView Post: "This EUR/USD 2-hour chart shows a significant breakout above a long-term downtrend line, indicating a potential shift in market sentiment. The price is now likely to retest the breakout level, aligning with key Fibonacci retracement levels (0.5 and 0.618). If the retest holds, we could see a bullish continuation towards the 1.09264 - 1.09400 supply zone. Traders should watch for a potential pullback to the 1.08519 - 1.08343 area before considering any long positions." This description outlines the technical analysis and provides a clear rationale for the anticipated price movement.
Long
by harshkjogadia