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EUR/USD Finds Support Near 1.0850 Amidst Rate Hike UncertaintyEUR/USD Finds Support Near 1.0850 Amidst Rate Hike Uncertainty Introduction: The EUR/USD currency pair experienced a sharp decline on Thursday but managed to find support and stabilize near 1.0850 early on Friday. As the trading day progresses, attention is turning to whether the pair can reclaim the 1.0900 level, which could potentially set the tone for a higher stretch ahead of the weekend. Rate Hike Uncertainty in the Eurozone: Investors have begun to exhibit caution when it comes to pricing in another rate hike by the European Central Bank (ECB) in September. This shift in sentiment weighed on the Euro's appeal on Thursday, contributing to its decline. US Economic Data Impact: In the United States, economic data played a pivotal role in influencing the EUR/USD pair. The Personal Consumption Expenditures (PCE) Price Index in the US largely matched market estimates, alleviating concerns about inflationary pressures. Furthermore, weekly Initial Jobless Claims saw a decline to 223,000 from 232,000, adding to the positive sentiment. Federal Reserve's Impact: Despite the data releases, the probability of the Federal Reserve (Fed) keeping its policy rate unchanged held steady at around 50%. Surprisingly, the US Dollar strengthened, affecting the EUR/USD pair. This unexpected dollar rally could be attributed to profit-taking on the final trading day of August, as US T-bond yields remained relatively stable. The NFP Factor: One of the key events on the horizon is the release of Nonfarm Payrolls (NFP) data in the US. Analysts forecast a rise of 170,000 jobs in August, following a less-than-expected increase of 187,000 in July. If the NFP data comes in at or below 150,000, falling short of market consensus for the third consecutive month, the USD might face renewed selling pressure, potentially allowing EUR/USD to regain momentum. On the other hand, a positive surprise, with an NFP print above 200,000, could boost the US Dollar and keep EUR/USD under bearish pressure as the weekend approaches. Focus on NFP and Minimal Impact of ISM Manufacturing PMI: While the US economic calendar also includes the ISM Manufacturing PMI report later in the day, market participants are unlikely to make significant trading decisions based on this data release, given the significance of the NFP report. The jobs data is expected to overshadow any impact the PMI reading might have on currency movements. Conclusion : EUR/USD has found support near 1.0850 as uncertainty regarding rate hikes in the Eurozone lingers. The pair's near-term direction will depend heavily on the outcome of the Nonfarm Payrolls report, with a weaker NFP potentially pushing the pair higher and a stronger NFP keeping it under pressure. Traders and investors will closely monitor these developments as they navigate the currency market ahead of the weekend. Above 1.0800 look for further upside with 1.0870 & 1.0900 as targets.
Long
by FOREXN1
20
Buy Zone Alert: 3 Key Levels Converge for Buying OpportunityContinuing from my previous idea shared last month (refer to the related post below), the market has played out exactly as anticipated. The sell-off occurred as expected, taking place at the Monthly 0.618% Fibonacci level. The Monthly candle closed back below the crucial 1.10 resistance level, ultimately confirming that the breakout was indeed a fake one on the Monthly charts. So, what's the next step ? At present, the market is on a gradual descent towards the 1.07 level. This trend becomes evident when you observe the momentum of price action, gauged by the size of the candles, on the lower timeframes. For a visual representation, you can check out the daily chart image below Anticipating the movement around the 1.07 mark, it's reasonable to expect a buying response due to a convergence of factors in this area. First the newly established weekly BUY/DEMAND level holds substantial weight. This very level kickstarted the upward move that led to the 0.618% Monthly Fibonacci level. The speed at which price is retracing back to this levels signifies a notable zone of interest for potential buyers. The next factor is the weekly trend line located around 1.072 marked on the chart, you will also notice price has been moving up in a ascending channel hitting the trendline then popping a new high could this happen again?? A third influential factor around this area is the Monthly support level, situated around 1.064. This level had held its ground as a pivotal support for several years, only succumbing to a breach in the past year. Considering these converging factors, my attention will be directed towards identifying buy signals on my TRFX indicator across the 4-hour to daily charts. I intend to initiate a position as price dips below 1.075, anticipating the likelihood of a more pronounced descent towards 1.06 before eliciting a response. Initially, the target for this strategy is set at the 1.10 resistance level. Subsequently, the course of action will be determined by the prevailing price movement at this juncture. A decisive breach and a MONTHLY CLOSE above 1.10 would suggest an upward trajectory towards 1.15. However, if 1.10 proves to be a resilient barrier once again, the possibility of a downward move towards parity cannot be dismissed. To grasp the background of the sell concept from the prior month, I encourage you to refer to my linked post.
Long
by TheFxAce
29
📈EURO analysis, Weekly insight into price behavior📉FX:EURUSD OANDA:EURUSD Hello Traders, please check out my previous ideas. Continuing from the previous analytical scenario, if the euro stabilizes above the red zone (crossing the weekly Bollinger midline), the price can climb up to the right shoulder. In the opposite scenario, if the price does not follow the conditions of the previous scenario, the price can fall to around 1.07676. ✌💥If you are satisfied with my analytical content, please share my ideas💥✌ ✍🐱‍👤Otherwise, make sure you leave comments and let me know what you think.🐱‍👤✍ 🤑🍾Thank you for your support. I hope you will gain profit by following my analyses.🍾🤑 CrazyS✌
Long
by CrazyS
1
EURUSD | Hidden Bullish Divergence | AB=CDEURUSD is currently at a strong support level, and it has tested a highly robust support zone before starting to move upward. Additionally, there is a Hidden Bullish Divergence observed on both the 1-hour and 4-hour timeframes, indicating a potential reversal zone (PRZ). Furthermore, a completed Bullish Harmonic Pattern AB=CD has formed, and this pattern coincides with the PRZ zone. The EURUSD pair has reached a significant support level and has shown signs of a potential bullish reversal with the presence of Hidden Bullish Divergence on both the 1-hour and 4-hour timeframes. Moreover, the completion of the Bullish Harmonic Pattern AB=CD at the same PRZ zone further reinforces the possibility of an upcoming bullish price movement. However, it's important to exercise caution and conduct further research and analysis to confirm the validity of these indications before making any trading decisions. Market conditions can change rapidly, so staying informed and considering multiple factors is crucial for successful trading.
Long
by awaisulabdeen
4
EUR/USD 30M Support and Resistance LevelsSupport Level 1 (1.09105): At 1.09105, we observe the first level of support for the EUR/USD. This level has historically demonstrated its ability to halt downward price movement. Traders are advised to keep a watchful eye on this level, as any price action around 1.09105 could potentially signal a shift towards upward momentum. Resistance Level 1 (1.10050): The 1.10050 level serves as the initial resistance for the EUR/USD. A successful breach above this level might suggest a potential bullish breakout, possibly indicating an extension of upward gains. Traders should closely monitor how the price reacts around 1.10050 for potential bullish signals. Resistance Level 2 (1.10484): At 1.10484, we encounter a more formidable resistance level. Surpassing this level could signify a stronger bullish move in the near term. However, traders should exercise caution, as historical data indicates that breaching this level has been a challenging endeavor. Conclusion: To sum up, an examination of the 30-minute chart of EUR/USD illuminates crucial support and resistance levels that traders should be attentively observing. The support at 1.09105 is pivotal for potential reversals or the continuation of an ongoing trend, while resistance at 1.10050 and 1.10484 provides insights into potential bullish breakouts. It's important to remember that technical analysis serves as a guide, and prudent risk management practices are vital when navigating the dynamic landscape of forex markets. Always approach trading with careful consideration of the associated risks and rewards, as markets can be unpredictable despite the insights gleaned from analysis.
by enclavefx_Analaysis
An important swing low has formed on EUR/USDEUR/USD formed a bullish pinbar last week, and Friday's bullish range expansion formed part of a 3-day bullish reversal (morning star pattern). It appears an important swing low formed on Thursday, and any pullback towards Thursday's high will catch our bullish interest. Prices are flirting with a break below 1.10 ahead of the European open, and perhaps we'll see a bearish spike or two before bullish momentum returns, although prices are holding above the weekly pivot point. AN initial target is 1.1020, then on to Friday's high.
Long
by CityIndex
EURUSD LONG!!Hey Traders, We back with new update on EU, So what we see here is quite clear and determined our view on chart We expecting more drop on our determined level according to different levels according to it's time-frame, In higher time-frame we are strongly bearish however in lower-frame we can expect price to have correction and ofc we can have trade counter-trend of weekly, So we expect bullish move in lower time-frame and then after correction in higher TF we can have trade on bearish trend, Stay tuned for new updates, we try to keep our community as update as possible, As always any question comment me bellow, Wish you all the best @fxshzd team
Long
by FxShzd
4