EURUSD_108 2024.11.04 06:07:08 Trading Signal SELL
FrankPro Signal for EURUSD_108
Type: Screen
Signal: SELL
TP: 1.08618
SL: 1.09058
Entry Price: 1.09003
Analysis for EURUSD
Forecast Overall(Short-Term, Long-Term): ST=Probably Down LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Same LT=Down
[Method1] ST=Down LT=Up
[Method2] ST=Down LT=Down
Analysis Method(0)
Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement:
**Short-term (next few days):**
* The pair is expected to attempt to continue its decline, testing the support area near 1.0825.
* However, oversold conditions and the narrowing yield gap may lead to an upward price rebound.
* A breakout above the resistance level of 1.0905 would confirm the growth option, while a drop below 1.0745 would indicate a continuation of the decline.
* Given the mixed signals, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short-term, with a possible rebound later.
**Long-term (next few weeks/months):**
* The Elliott Wave Analysis suggests that the EUR/USD trend is down on the daily chart, with resistance at 1.11275.
* A decisive bullish breakout above 1.11275 would suggest the end of the downtrend.
* However, the poor performance of European equities and weaker-than-anticipated earnings in Europe may continue to undermine the market mood, supporting the US Dollar.
* Considering the long-term downtrend and the potential for a bearish wave C zigzag pattern, I would say that the price is expected to **go down** in the long-term, with a possible target below 1.0745.
Please note that these assessments are based on the provided analysis and are subject to change as new information becomes available.
Result: [Method0] ST=Same LT=Down
Analysis Method(1)
Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement:
**Short-term (next few days/week):**
* The pair is expected to attempt to continue its decline, testing the support area near 1.0825.
* A potential upward price rebound and continued growth towards the area above 1.0995 is possible.
* The technical analysis suggests a bearish trend, but a corrective advance is possible.
* The Momentum indicator is heading south near oversold readings, which could indicate a potential upward correction.
**Expected price movement:** Down (testing support near 1.0825) followed by a potential Upward correction.
**Long-term (remainder of 2024 and beyond):**
* Most analysts expect the EUR/USD exchange rate to appreciate, reaching fresh yearly highs.
* The long-term trend is upward, with targets around the 2023 high of 1.1275 and potentially extending to 1.1495.
* The Elliott Wave Analysis suggests a potential bullish breakout above 1.1275, which would indicate the end of the downtrend.
**Expected price movement:** Up, with a potential target of 1.1275 and beyond.
Please note that these assessments are based on the provided analysis and are subject to change as new data and events become available.
Result: [Method1] ST=Down LT=Up
Analysis Method(2)
Based on the provided data, I will analyze the EUR/USD exchange rate and provide a short-term and long-term outlook.
**Short-term Analysis (November 2024)**
* The forecast for November 2024 suggests a slight decrease in the EUR/USD exchange rate, with an expected average of 1.085 and a forecasted end-of-month rate of 1.083, representing a -1.1% change.
* The technical analysis using Elliott Wave Theory indicates a downtrend on the daily chart, but an uptrend on the one-hour chart.
* The resistance level at 1.11275 and support level at 1.0768 are crucial levels to watch.
**Short-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **stay the same** or experience a slight decrease in the short term, with a possible range-bound movement between the resistance and support levels.
**Long-term Analysis (Quarterly and 12-month outlook)**
* The EUR/USD is expected to trade at 1.07 by the end of this quarter, representing a decrease from the current level.
* In 12 months, the exchange rate is expected to be at 1.05, indicating a further decline.
**Long-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **go down** in the long term, with a possible decline of around 3-4% from the current level over the next quarter and a further decline of around 5-6% over the next 12 months.
Please note that these outlooks are based on the provided data and analysis, and market conditions can change rapidly. It's essential to stay up-to-date with the latest news and analysis to make informed trading decisions.
Result: [Method2] ST=Down LT=Down
Type: Screen
Signal: SELL
TP: 1.08618
SL: 1.09058
Entry Price: 1.09003
Analysis for EURUSD
Forecast Overall(Short-Term, Long-Term): ST=Probably Down LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Same LT=Down
[Method1] ST=Down LT=Up
[Method2] ST=Down LT=Down
Analysis Method(0)
Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement:
**Short-term (next few days):**
* The pair is expected to attempt to continue its decline, testing the support area near 1.0825.
* However, oversold conditions and the narrowing yield gap may lead to an upward price rebound.
* A breakout above the resistance level of 1.0905 would confirm the growth option, while a drop below 1.0745 would indicate a continuation of the decline.
* Given the mixed signals, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short-term, with a possible rebound later.
**Long-term (next few weeks/months):**
* The Elliott Wave Analysis suggests that the EUR/USD trend is down on the daily chart, with resistance at 1.11275.
* A decisive bullish breakout above 1.11275 would suggest the end of the downtrend.
* However, the poor performance of European equities and weaker-than-anticipated earnings in Europe may continue to undermine the market mood, supporting the US Dollar.
* Considering the long-term downtrend and the potential for a bearish wave C zigzag pattern, I would say that the price is expected to **go down** in the long-term, with a possible target below 1.0745.
Please note that these assessments are based on the provided analysis and are subject to change as new information becomes available.
Result: [Method0] ST=Same LT=Down
Analysis Method(1)
Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement:
**Short-term (next few days/week):**
* The pair is expected to attempt to continue its decline, testing the support area near 1.0825.
* A potential upward price rebound and continued growth towards the area above 1.0995 is possible.
* The technical analysis suggests a bearish trend, but a corrective advance is possible.
* The Momentum indicator is heading south near oversold readings, which could indicate a potential upward correction.
**Expected price movement:** Down (testing support near 1.0825) followed by a potential Upward correction.
**Long-term (remainder of 2024 and beyond):**
* Most analysts expect the EUR/USD exchange rate to appreciate, reaching fresh yearly highs.
* The long-term trend is upward, with targets around the 2023 high of 1.1275 and potentially extending to 1.1495.
* The Elliott Wave Analysis suggests a potential bullish breakout above 1.1275, which would indicate the end of the downtrend.
**Expected price movement:** Up, with a potential target of 1.1275 and beyond.
Please note that these assessments are based on the provided analysis and are subject to change as new data and events become available.
Result: [Method1] ST=Down LT=Up
Analysis Method(2)
Based on the provided data, I will analyze the EUR/USD exchange rate and provide a short-term and long-term outlook.
**Short-term Analysis (November 2024)**
* The forecast for November 2024 suggests a slight decrease in the EUR/USD exchange rate, with an expected average of 1.085 and a forecasted end-of-month rate of 1.083, representing a -1.1% change.
* The technical analysis using Elliott Wave Theory indicates a downtrend on the daily chart, but an uptrend on the one-hour chart.
* The resistance level at 1.11275 and support level at 1.0768 are crucial levels to watch.
**Short-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **stay the same** or experience a slight decrease in the short term, with a possible range-bound movement between the resistance and support levels.
**Long-term Analysis (Quarterly and 12-month outlook)**
* The EUR/USD is expected to trade at 1.07 by the end of this quarter, representing a decrease from the current level.
* In 12 months, the exchange rate is expected to be at 1.05, indicating a further decline.
**Long-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **go down** in the long term, with a possible decline of around 3-4% from the current level over the next quarter and a further decline of around 5-6% over the next 12 months.
Please note that these outlooks are based on the provided data and analysis, and market conditions can change rapidly. It's essential to stay up-to-date with the latest news and analysis to make informed trading decisions.
Result: [Method2] ST=Down LT=Down
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.