EURUSD Local Long!EUR-USD is going down
But the pair will soon
Hit a horizontal support
Of 1.06978 from where
A local bullish rebound
Will be expected !
Eurusd-4
EURUSD long idea I Like the double bottom for support to take it higher, i will target previous day 9 am NY time highs .
EURUSD: Growth & Bullish Forecast
The recent price action on the EURUSD pair was keeping me on the fence, however, my bias is slowly but surely changing into the bullish one and I think we will see the price go up.
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BUY EURUSDIn todays session we are monitoring EURUSD for buying opportunities. Our entry is at 1.07740 and our stops are below 1.07520 our targets are as high as 1.08558. Use proper risk management and own due diligence before entry.
EUR/USD Extends Decline Amid USD Strength and Weak Eurozone DataThe EUR/USD pair continues its downward trajectory, trading near fresh multi-week lows around the 1.0769 mark during Wednesday’s mid-European session. This decline reflects the ongoing strength of the US Dollar, fueled by a gloomy market sentiment and growing concerns surrounding the upcoming US Presidential election. Meanwhile, the Euro faces downward pressure due to lackluster local macroeconomic indicators, suggesting that the Eurozone's economic challenges persist into the final quarter of the year.
Factors Driving the EUR/USD Decline
1. US Dollar Strength
The US Dollar remains dominant, driven by risk aversion as investors seek safe-haven assets amidst increasing political uncertainty in the US. The potential impact of the presidential election has added to market jitters, with investors favoring the Greenback for its perceived stability.
Additionally, strong US economic data has reinforced the USD's bullish sentiment, suggesting that the US economy continues to outperform its European counterpart. This divergence adds further pressure on the Euro and pushes the EUR/USD lower.
2. Weak Eurozone Macro Data
The Euro struggles to gain traction, weighed down by recent disappointing economic figures from the Eurozone. The latest data indicates ongoing challenges in manufacturing and consumer sentiment, suggesting that the region's economic recovery may be faltering.
Persistent economic sluggishness in major Eurozone economies, like Germany and France, has dampened confidence in the Euro, as investors remain cautious about the currency's short-term prospects.
Technical Analysis: EUR/USD Approaches Key Demand Zone
As anticipated in our previous forecast, the EUR/USD has bypassed an intermediate demand zone and is now approaching a more robust support area at the lower level. Here are the key factors at play:
Commitment of Traders (COT) Report:
According to the latest COT report, retail traders remain heavily bearish on the Euro, while institutional investors (often referred to as “smart money”) have begun to move in the opposite direction, accumulating long positions. This shift in positioning hints at a potential turnaround as the EUR/USD nears significant demand levels.
DXY Overbought Condition:
The US Dollar Index (DXY), which tracks the performance of the Greenback against a basket of major currencies, is currently in overbought territory. This condition suggests that the USD rally could be losing steam, potentially paving the way for a EUR/USD rebound.
The technical overextension of the DXY aligns with the prospect of a retracement, providing additional support for the Euro at the upcoming demand area.
Buy Limit Setup:
With the EUR/USD nearing a critical demand zone, we are considering placing a buy limit order. This approach aims to capitalize on a potential reversal at the lower demand area, which is supported by both technical indicators and the shifting COT report dynamics.
Trading Strategy: Buy Limit on Demand Area
Given the current conditions, a buy limit order near the next demand area presents a favorable risk-reward setup. Here’s how we’re approaching this potential trade:
Entry: Set a buy limit order just above the upcoming demand zone, targeting a potential rebound in the EUR/USD pair.
Stop Loss: Place a tight stop loss below the demand area to manage risk in case of a continued slide.
Target: Aim for a near-term bounce back toward resistance levels, aligning with potential DXY weakness and institutional positioning.
Final Thoughts: Cautious Optimism for a EUR/USD Rebound
While the EUR/USD remains under pressure due to the prevailing USD strength and weak Eurozone data, technical factors and shifting market positioning suggest a potential short-term reversal. As the pair approaches a critical demand zone, a carefully placed buy limit order could offer a promising entry opportunity.
With political uncertainty in the US and a potentially overbought USD, traders should monitor upcoming data releases and market sentiment closely, as these factors could influence the timing and magnitude of a possible EUR/USD bounce. As always, risk management is crucial, especially in a volatile environment shaped by macroeconomic and geopolitical factors.
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EURUSD: Move Up Expected! Buy!
Welcome to our daily EURUSD prediction!
We made our analysis today using SMC and ICT trading theories, which, combined with our trading experience all point to the upside. So we are locally bullish biased and the target for the long trade is 10.07915
Wish you good luck in trading to you all!
BoC Rates Decision Pending22nd October
DXY: Currently at 104.30, expecting further upside, needs to break 104.45 to trade up to 104.80.
NZDUSD: Sell 0.6015 SL 20 TP 40
AUDUSD: Sell 0.6635 SL 20 TP 65
GBPUSD: Sell 1.2950 SL 40 TP 130 (Hesitation at 1.2880)
EURUSD: Sell 1.0760 SL 30 TP 80
USDJPY: Buy 152.70 SL 30 TP 130 (hesitation at 61.8% 153.30)
USDCHF: Buy 0.8710 SL 15 TP 40
USDCAD: Buy 1.3860 SL 20 TP 60 or (counter trend) Sell 1.3920 or 1.3820 (need to hear hawkish BoC)
Gold: Buy on retracement, or scalp up to 2760 and 2768
EURUSD Multi Timeframe Analysis 23.10.20241.08111 low got swept as I mentioned on my earlier analysis. Friday's daily candle closure as inside bar has also been played out as expected. But bearish momentum is quite strong. Imo, current Daily Demand zone is the strongest to give price a bullish momentum ( other than any. red flagged fundamentals upcoming days )
15m Swing, Internal Bearish and price is currently in 15m supply. We possibly could get a bearish momentum from here
My expectation is, low to get swept then strong bullish momentum to kick in. But as we trade the facts and not the expectations, I will cautiously follow bearish order flow. At least wait prize to mitigate 4H supply ranges.
For longs, ideal to wait for 4H candle closure above 1.08382
EUR/USD Set to Challenge Record Lows? In the week following my initial analysis, the EUR/USD pair has experienced a significant decline of over 100 pips, reinforcing the bearish sentiment previously discussed. This movement has been fundamentally driven, particularly following the ECB's decision last week to cut rates by 25 basis points, which aligned with pre-announcement expectations. ECB President Christine Lagarde indicated that the bank has shifted to a once-per-meeting pace of rate cuts, placing additional pressure on the Euro.
From a technical standpoint, the bearish trend remains intact. As noted earlier, the DXY (Dollar Index) has been on an upward trajectory since September 30, supported by what is being termed the "Trump trade." This theme is likely to persist through the week, as traders reassess potential outcomes ahead of the November 5 voting day. The anticipation of higher fiscal spending and tariffs under a center-right government tends to favor the corporate sector and supports a stronger dollar, which could further exacerbate the pressure on the Euro.
On the daily (D1) chart, an important support level at 1.0777 is currently in focus. The price action is approaching this support line, while the RSI indicates that the pair is deeply oversold. It will be crucial to observe the daily candlestick formation at the end of the trading day, as a strong close could signal either a rebound or a continuation of the downtrend.
In summary, while the technical indicators continue to point to bearish momentum, fundamental factors are currently driving the market. The interplay between these elements will be critical in determining the future trajectory of the EUR/USD pair.
EURUSD: Selling strategy is preferred!EUR/USD continued to slide below 1.0800 during the European session on Wednesday. The major currency pair remained under pressure as the outlook for the Euro (EUR) deteriorated due to faster-than-expected inflation declines and rising risks of a Eurozone recession, fueling speculation of more rate cuts by the European Central Bank (ECB).
EUR/USD was also pressured by a rally in the USD. The US dollar gained amid political uncertainty ahead of the US presidential election and strong expectations that the Federal Reserve (Fed) policy easing cycle will be more gradual than previously expected.
Trend-wise, the bearish bias remains dominant across most timeframes and the short strategy remains the dominant style.
Happy trading and good profits!
EURUSD buy setupsSetup 1 is more probable but will look at both long-term setups. The greenback has been gaining some momentum based on various illogical parameters. Looking to take advantage of that.
Remember to practice good risk management.
BEARS KEEPS A TIGHT GRIP ON EU BULLS!Sellers are having a swell time violating buy zones this week, while we expected shorts, we had hoped to see a potential retracement move give us a chance to enter long (counter-trend/high-risk) but that has not happened.
While price did bounced of this level a few times showing bullish reactions, they were insufficient to determine a shift in sentiment, now attention has shifted to this weekly FVG where we begin to watch for clear bullish reaction from the 4hr TF up to the daily TF .
We'll keep fingers crossed until a reversal pattern prints!
EUR/USD BULLS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
EUR/USD pair is trading in a local downtrend which we know by looking at the previous 1W candle which is red. On the 8H timeframe the pair is going down too. The pair is oversold because the price is close to the lower band of the BB indicator. So we are looking to buy the pair with the lower BB line acting as support. The next target is 1.093 area.
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eurusd h8 buy/hold bounce setup +200 pips🔸Hello traders, let's review the 8hour chart for EURUSD today. Bears maintain control since we cracked the heavy psych level at 1.10 currently trading near 1.09 and expecting further losses before a potential bounce.
🔸Based on recent data from 2024 we had multiple 3.6% corrections before
the bounces for 150-300 pips in EURUSD. specifically we had a 4% correction,
3.8% correction, 3.6% correction, 3.2% correction, 2.2% correction before
strong bounces off the lows. Current correction projected to complete near
0800, this is a 3.6% correction which is typical for eurusd.
🔸Recommended strategy for EURUSD traders: focus on buying low near
0800. SL fixed at 0750 TP1 +150 pips TP2 +200 pips final. good luck traders!
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SasanSeifi|Bearish Momentum Targets Key Support Levels! Hey there, ✌ OANDA:EURUSD In the daily timeframe, the price advanced toward the liquidity level of 1.11300 and the 1.12 price range with a significant upward trend. Following this rise, corrections occurred, and after forming a low, the price again moved towards the key 1.12 level. However, with the failure to break the previous high, a double top was formed, leading to another wave of corrections.
⏭Currently, after breaking the low at the 1.10 level, the price has retraced to 1.095. The overall outlook is bearish, with potential corrections targeting 1.086 to 1.082. If momentum weakens around the support range of 1.095 to 1.090 and a confirmation is received, the price may enter a consolidation phase, ranging between 1.10, 1.10400, and 1.10800.
🔹After this, we might see a pullback followed by further corrections. Monitoring price reactions at the first demand zone will provide better insight. However, if the selling pressure continues and the demand zone is broken, the price could target the corrective levels of 1.086 and 1.082 within the FVG and order block areas.
This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊
Fundamental Market Analysis for October 23, 2024 EURUSDEvent to pay attention to today:
17:00 GMT+3. EUR - ECB President Christine Lagarde Speaks
EURUSD:
On Tuesday, the EUR/USD pair saw further downside movement, retreating by an additional 0.16% and testing a key technical barrier that could potentially result in new 16-week lows if the euro price base is reached.
On Tuesday, European Central Bank (ECB) President Christine Lagarde made several statements, but their content ranged from the mundane to the unremarkable, which had little impact on the euro's performance. In a statement released today, ECB President Lagarde said that the ECB was 'not dissatisfied with what she saw' but that the ECB 'cannot jump to the conclusion that the inflation target is a done deal'. This statement inspired absolutely no confidence in the euro and provided little guidance for currency markets, which are seeing the euro retreat against the dollar for the fourth week in a row.
The release of global PMI data is scheduled for Thursday. Market expectations are high for the EU PMI results, with average market forecasts indicating a modest increase in October's EU services PMI from September's 51.4 to 51.6.
Trading recommendation: We follow the level of 1.08000, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
GBP/USD: Is the Dollar Weakness Back?After a brief two-day recovery, GBP/USD reversed course on Monday, losing 0.5% and continuing to show signs of weakness on Tuesday morning, trading slightly below the 1.3000 level. Market sentiment was cautious at the beginning of the week due to escalating geopolitical tensions in the Middle East, which bolstered demand for the US Dollar as a safe haven. The US economic calendar features the Richmond Fed Manufacturing Index for October, though it is not expected to significantly impact the market. Additionally, Bank of England Governor Andrew Bailey will deliver a speech at the Bloomberg Global Regulatory Forum in New York, but without expected comments on monetary policy, the event could have a minimal effect on the pound.
The next important data releases for GBP/USD will be on Thursday, with the preliminary PMI Manufacturing and Services Index data for the UK and the US, which could provide further direction for the pair. It is also worth noting that on Tuesday, the market closed the day with a doji candle, opening up a potential bullish opportunity. We will see if today, during the London session, the market provides a clear confirmation to go long.
Happy trading, and have a great day!
Potential bullish reversal?EUR/USD is falling towards the support level which is an overlap support that aligns with the 78.6% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 1.0775
Why we like it:
There is an overlap support level that aligns with the 78.6% Fibonacci retracement.
Stop loss: 1.0719
Why we like it:
There is a pullback support level.
Take profit: 1.0871
Why we like it:
There is an overlap resistance level.
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Potential bullish reversal?The Fiber (EUR/USD) is falling towards the pivot which has been identified as an overlap support and could bounce to the 1st resistance.
Pivot: 1.0775
1st Support: 1.0720
1st Resistance: 1.0868
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#EURUSD - 23 OctEURUSD moved almost as per plan given yesterday; a pullback into the PZ before a flush down. Bearish price action.
My price target given yesterday is 1.0745 and would keep to that, especially in this bearish environment. IMO, EURUSD could 1.0810 or even 1.0824, but it would be a good level to look for rejection and a short to target 1.0741. I would look for price to base between 1.0741/65 to look for a recovery.
EURUSD: Recovery then decline?Hello dear friends! What do you think if EURUSD continues its downtrend in the future?
This will be a long-term analysis for this currency pair.
On the chart analysis: Ben sees that a double top pattern has formed (clearly indicated from the chart) which marks a strong fight from the sellers as they try to push the downtrend back.
Furthermore, using Fibonacci retracement levels to measure the retracement of the first wave (blue area), the downtrend is expected to continue after reaching the 0.618 retracement level.
If the price action of this currency pair plays out according to this trading idea, the 1.0910 and 1.0779 levels will be targeted by the sellers.
What about you? How do you feel about the future trend of EURUSD? Share in the comments!
EURUSD: On the 1 year HL support. Rebound expected.EURUSD turned oversold oversold on its 1D technical outlook (RSI = 28.128, MACD = -0.006, ADX = 71.753) as the price even crossed under the 0.618 Fibonacci level and is approaching the HL Zone, the lower level of which started 1 year ago (on the October 3rd 2023 low). The 1D RSI is oversold for the 3rd time since then, which is alone a huge bullish signal. We expect at least a short term rebound to test the 1D MA50 (TP = 1.09800).
See how our prior idea has worked out:
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EUR-USD Support Ahead! Buy!
Hello,Traders!
EUR-USD is falling down
But the pair will soon hit
A horizontal support of 1.0770
From where a local bullish
Rebound is to be expected
Buy!
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