Euro / U.S. DollarUpdated Time to long EUR/USD or it will continue the current trend?
Technical Analysis:
The month of Oct'24 brought EUR/USD from 1.21 to 1.07, it is trading just below the fast EMA. However it seems the trend has slowed down, as a result RSI MA Cross has given a buy signal. This may be very early to get in the trade but it is a signal!!
On the chart the price is near next month's M2, if it continues to trade near this price the next month's price will open below the Central Pivot Point. In this scenario the price should touch the Central Pivot Point before going down (if it goes down).
Fundamental Analysis:
There are major events that might keep the EURUSD below the next month's Central Pivot Point:
US Election and the two active wars.
The month of Oct'24 brought EUR/USD from 1.21 to 1.07, it is trading just below the fast EMA. However it seems the trend has slowed down, as a result RSI MA Cross has given a buy signal. This may be very early to get in the trade but it is a signal!!
On the chart the price is near next month's M2, if it continues to trade near this price the next month's price will open below the Central Pivot Point. In this scenario the price should touch the Central Pivot Point before going down (if it goes down).
Fundamental Analysis:
There are major events that might keep the EURUSD below the next month's Central Pivot Point:
US Election and the two active wars.
Note
The escalation happened over the weekend, but by Monday, it was normal. So, the UVXY went down and touched the lower trend line of the triangle. Anything that happens will be purely based on the fundamental news, but according to the upper trend line, it can touch $30, or if it continues to go down, the next support is around $24.Trade closed: target reached
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