EURUSD Daily Analysis

[FXGlory Ltd]

EURUSD analysis for 06.10.2023



Based on the 4-hour chart for EURUSD, the currency pair is trading near the upper Bollinger band at 1.05426, indicating potential overbought conditions. This is further emphasized by the proximity to the upper band level of 1.05586. The MACD line, currently at 0.00016, has recently made a bullish crossover above its signal line positioned at -0.00070, suggesting an upward momentum. The histogram's value of 0.00087 confirms this bullish momentum. Meanwhile, the RSI, standing at 56.81, does not reflect overbought or oversold conditions but aligns with a moderate upward trend. In summary, the indicators collectively point to a possible continuation of the bullish momentum. However, approaching the upper Bollinger band could result in some resistance or short-term pullback. Traders should be cautious and monitor for potential reversal signs or consolidations.


FXGlory
06.10.2023

 

[FXGlory Ltd]

EURUSD analysis for 11.10.2023







On the EURUSD 4H timeframe, the MACD line being above the signal line suggests bullish momentum. Additionally, a price nearing the upper Bollinger Band can indicate the currency pair is overbought. Together, these could imply a potential upward trend exhaustion or a short-term pullback. However, traders should be cautious, as the Bollinger Band touch alone doesn't guarantee a reversal. Confirming this with other indicators or price patterns is advisable.


FXGlory
11.10.2023

 

[FXGlory Ltd]

EURUSD analysis for 19.10.2023

The EURUSD pair's 4-hour movement over a specific time frame. The currency pair has been on a general downtrend, as shown by the downward-sloping moving average. However, recent price action indicates some consolidation, with prices oscillating around the moving average. There have been moments of heightened volatility, seen by the larger red and green candlesticks, suggesting market indecisiveness at those points. The pair appears to be at a critical juncture, as it tests the moving average once more.


FXGlory
19.10.2023

 

[FXGlory Ltd]

EURUSD analysis for 13.11.2023

Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The EURUSD pair represents the exchange rate between the Euro (EUR) and the US Dollar (USD). Factors affecting this currency pair include key economic indicators from the Eurozone and the United States, such as interest rate decisions by the European Central Bank and the Federal Reserve, inflation rates, unemployment data, and manufacturing output. Additionally, geopolitical events, trade relations, and market sentiment toward global economic health significantly impact EURUSD. The pair is also influenced by the monetary policies of both central banks, which are currently navigating the post-pandemic economic recovery.


Price Action:

The H4 chart for EURUSD shows a series of higher lows along with higher highs, indicating an uptrend. The presence of a descending trendline that has been breached suggests a potential reversal of the previous bearish sentiment to a bullish outlook.


Key Technical Indicators:

RSI (Relative Strength Index): The RSI is near the 50 level, indicating a balance between buying and selling pressures. It does not show an overbought or oversold market, which suggests that there is room for the trend to continue either way.

Volumes: The volume is not visible in the provided chart, so we cannot assess its impact on current price action.

MACD (Moving Average Convergence Divergence): The MACD indicator is not included in the provided chart, so its analysis is not applicable here.


Support and Resistance:

Resistance: The recent swing high near the 1.07525 level may act as a resistance level.

Support: The Fibonacci retracement levels, particularly around the 38.2% level at 1.06259, could serve as support, as they often coincide with key levels of buying interest.


Conclusion and Consideration:

The EURUSD pair on the H4 timeframe suggests an uptrend as indicated by the pattern of higher highs and higher lows. The breach of the descending trendline may also signal a bullish momentum. However, traders should monitor key fundamental factors from both the Eurozone and the United States, as they could greatly affect the direction of the pair. The RSI suggests a neutral market, providing no clear overbought or oversold signals. Traders may consider opportunities to enter long positions on pullbacks to significant Fibonacci levels, with stop losses set below key support levels to manage risk. It is also prudent to watch for price action near the recent swing high, as it may serve as a short-term resistance level.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders' awareness but not a certain instruction for trading.


FXGlory
13.11.2023

 

[FXGlory Ltd]

EURUSD Market Analysis for 21.12.2023

Time Zone: GMT +2

Time Frame: 4 Hours (H4)


Fundamental Analysis:

Fundamental factors affecting this currency pair include economic indicators from the Eurozone and the United States, such as GDP growth rates, unemployment figures, interest rate decisions by the ECB and the Fed, and inflation data. Additionally, geopolitical events, trade relations, and political stability within both economies can lead to fluctuations in this pair. Amidst a global landscape marked by post-pandemic recovery challenges and shifting monetary policies, these fundamentals must be closely watched by investors.


Price Action:

The H4 chart for the EURUSD shows a period of recovery following a downward trend. The price action has formed a series of higher lows, which may indicate a reversal from the previous downtrend. This pattern suggests that buyers are gradually gaining ground. However, the price has not yet established a series of higher highs, which means that while there is buying interest, there is still some resistance to a full bullish reversal.


Key Technical Indicators:

Parabolic SAR: The last ten dots of the Parabolic SAR are below the candles, signaling that the trend has shifted to bullish in the short term.

RSI: The RSI is hovering around 55, indicating neither overbought nor oversold conditions, suggesting a moderate momentum that is neither strongly bullish nor bearish.


Volume: The volume shows fluctuations with some spikes, suggesting that there are periods of higher trading activity which sometimes coincide with price movements.


Support and Resistance:

Support: The recent swing low around 1.0780 serves as the current support level.

Resistance: The previous swing high near 1.0980 acts as the immediate resistance level.


Conclusion and Consideration:

The EURUSD pair on the H4 timeframe is showing signs of a potential reversal from its previous downtrend, as indicated by the bullish signals from the Parabolic SAR and the moderately positive RSI. The consistent volumes suggest a stable interest in the market. Traders should watch for a confirmed establishment of higher highs to validate a bullish trend. It is also important to stay updated on key economic releases and policy decisions that may affect the pair. As always, maintaining proper risk management strategies, including the use of stop losses and take profit orders around key support and resistance levels, is crucial for trading.


Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Trading in the silver market carries risks and may result in loss of capital. Investors should perform their own due diligence and consult with a financial advisor before engaging in any trading activities.

FXGlory
21.12.2023

 

[FXGlory Ltd]

EURUSD analysis for 28.12.2023




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EURUSD pair, a measure of the Euro against the US Dollar, is influenced by various economic indicators, policy decisions by the European Central Bank and the Federal Reserve, and geopolitical events. Recent shifts in interest rate differentials, trade balance data, and GDP growth rates are critical factors impacting this currency pair. Market sentiment is currently swayed by the Eurozone's economic recovery outlook and the US's fiscal stimulus measures. As the world economy navigates post-pandemic recovery, these fundamental aspects are key to understanding the EURUSD trend.


Price Action:
The H4 chart for EURUSD shows a bullish trend with the price trading above the key moving averages. The pair has been making higher highs and higher lows, indicating persistent buying interest. The bullish engulfing patterns and breakaways from consolidation zones highlight the buyers' dominance in the market.


Key Technical Indicators:
Ichimoku Cloud: The price is trading above the Ichimoku cloud, suggesting a bullish bias. The cloud's future span is also bullish, providing a supportive backdrop for an uptrend.
Volumes: The volume bars are consistent, with no significant spikes, implying steady participation without abrupt changes in trading interest.
RSI (Relative Strength Index): The RSI is positioned above 70, indicating strong bullish momentum, albeit with potential overbought conditions which could signal a future pullback.


Support and Resistance:
Resistance: The recent high forms a provisional resistance level, which could be around 1.11400, as per the chart.
Support: The immediate support is visible at the swing low preceding the latest high, potentially near the 1.10705 level.


Conclusion and Consideration:
The EURUSD H4 chart suggests a continuing uptrend, supported by positive price action and technical indicators. However, the overbought RSI calls for vigilance as it may precede a retracement. Traders should keep abreast of key economic releases and policy decisions affecting the Euro and the Dollar. While the trend favors long positions, setting strategic stop-loss orders below support levels and taking profits at resistance could be prudent to manage risks in volatile markets.


Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice. It's intended to enhance trader awareness and is not a definitive trading guide.


FXGlory
28.12.2023

 

[mbstrade]

Hello everyone, can I post my analysis here for your assessment, I have successes and I would like to share them and discuss them with experts

 

[FXGlory Ltd]

Hello everyone, can I post my analysis here for your assessment, I have successes and I would like to share them and discuss them with experts

Forums are designed for both asking questions and learning, so you are not only allowed to share your analysis here, but also strongly encouraged to do so. By sharing, you contribute to the learning of many traders, making it a valuable and important exercise for everyone involved.
Wishing you luck that's founded on knowledge!

 

[FXGlory Ltd]

EURUSD analysis for 11.01.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EUR/USD pair is significantly influenced by economic indicators, policy decisions, and geopolitical events from both the Eurozone and the United States. Key factors to consider include:
Interest Rate Decisions: The European Central Bank (ECB) and the Federal Reserve (Fed) interest rate policies greatly affect the pair. A divergence in monetary policy could lead to volatility, with the currency of the region showing a more hawkish stance typically strengthening.
Economic Releases: High-impact data such as GDP growth rates, unemployment figures, and inflation reports from both economies can cause fluctuations in the pair. For instance, stronger than expected economic performance in the Eurozone relative to the United States could lead to an appreciation of the EUR against the USD.
Dollar Index (DXY): As a measure of the value of the United States dollar relative to a basket of foreign currencies, the DXY can impact the EUR/USD pair. A stronger DXY often correlates with a weaker EUR/USD and vice versa. Global Risk Sentiment: The EUR/USD is sensitive to changes in global risk sentiment. During times of economic uncertainty or market stress, the USD may act as a safe-haven currency compared to the EUR.
Geopolitical Issues: Both regions are susceptible to geopolitical tensions that can impact their respective currencies. Stability in the Eurozone and any significant events affecting the United States could sway the EUR/USD price.


Price Action:
The current H4 chart shows that the candles are below the Ichimoku cloud, suggesting a bearish sentiment. However, the presence of Parabolic SAR dots below the candles indicates a potential bullish pressure or a reversal in the downtrend.
The RSI is just below the mid-point, indicating a neutral to slightly bearish market without signs of being overbought or oversold. Traders should seek additional confirmation as the price action remains close to the Ichimoku cloud's lower boundary, which can often signal significant resistance or support.


Key Technical Indicators:
Ichimoku Kinko Hyo: The price being below the cloud indicates a bearish trend, but the bullish signal from the Parabolic SAR suggests caution for bears. The conversion line (Tenkan-sen) and the baseline (Kijun-sen) are also below the cloud, which typically indicates bearish momentum.
RSI (Relative Strength Index): At approximately 49.11, the RSI is neutral, suggesting a balance between buying and selling pressures.
Parabolic SAR: The placement of the dots below the candles indicates a potential uptrend or a halt in the downtrend, signaling that buyers may be gaining strength.


Support and Resistance:
Resistance: A key resistance level is at the price point where the Parabolic SAR dots align with the price action, which could be around 1.11230. This level represents a potential turnaround where sell-offs have occurred previously, suggesting a concentration of selling interest.
Support: The primary support level on the H4 chart for EUR/USD is at the lower boundary of the recent price consolidation area, which appears to be around 1.08980. This level has previously acted as a floor for the price, where demand increased and the currency pair found buyers stepping in.


Conclusion and Consideration:
Investors and traders considering the EUR/USD pair should closely monitor the economic calendar for upcoming announcements and reports from both the Eurozone and the United States. Additionally, staying informed on global economic conditions and risk sentiment is vital for those trading this major currency pair.


Disclaimer: This analysis is provided for informational purposes only and should not be construed as investment advice. It is important for traders to conduct their own research and analysis before making any investment decisions.


FXGlory
11.01.2024

 

[mbstrade]

This is what my analysis looks like for EURUSD
buy from 1,094

 

[FXGlory Ltd]

EURUSD analysis for 30.01.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EURUSD pair, representing the exchange rate between the Euro and the US Dollar, is significantly affected by both European and American economic indicators. For the Euro, key factors include the European Central Bank's monetary policy decisions, economic growth data, and political stability within the European Union. On the US side, Federal Reserve policy, inflation rates, and economic performance indicators like employment data are critical. Current geopolitical tensions and trade relations can also sway the pair, with market sentiment reacting to any significant news related to these areas.


Price Action:
The H4 timeframe for EURUSD shows a bearish trend with the formation of lower highs and lower lows, indicating that the sellers have been in control during this period. The price action has been swinging below a downward sloping trendline, suggesting a continuation of the bearish sentiment. Despite some bullish pullbacks, the general trajectory has been towards the downside.


Key Technical Indicators:
Parabolic SAR: The dotted indicators of the Parabolic SAR are positioned above the price bars, which traditionally signals a bearish trend and suggests that the downtrend might continue.

MACD (Moving Average Convergence Divergence): The MACD line is below the signal line and has remained in negative territory, further confirming the bearish momentum within this period.

RSI (Relative Strength Index): The RSI is hovering around the 41.33 level, which indicates neither overbought nor oversold conditions, but it leans towards a bearish bias in the market sentiment.


Support and Resistance:
Support: The nearest significant support level is observed around the 1.0800 area, which if broken, could lead to further bearish momentum.

Resistance: The most immediate resistance level is around the 1.0925 to 1.0950 range, acting as a barrier for any bullish price reversals.


Conclusion and Consideration:
The EURUSD pair on the H4 timeframe is currently showing bearish tendencies, as evidenced by the price action and confirmed by the technical indicators. While the MACD and Parabolic SAR support the continuation of this trend, the RSI suggests a more neutral market sentiment, albeit with a bearish inclination. Traders should watch for potential breaks below support or rejections at resistance for further confirmation of the trend. Caution is advised, as shifts in fundamental factors or a reversal in market sentiment could prompt a change in the current trend. It is prudent to use stop losses to mitigate risk, especially around key support and resistance levels.


Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice. Trading involves risk, and it is crucial for traders to conduct their own research and risk management.


FxGlory
01.30.2024

 

[FXGlory Ltd]

EURUSD analysis for 05.02.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EURUSD pair represents the value of the Euro against the US Dollar. Economic indicators from the Eurozone, such as GDP growth rates, inflation, and ECB policy decisions, are pivotal in influencing the Euro. Concurrently, US economic data, Federal Reserve decisions, and geopolitical events can significantly impact the USD. Recently, factors such as the European energy crisis and the US's economic recovery trajectory post-pandemic have played crucial roles in the pair's movement. Traders should closely monitor these developments as they provide context for the price action observed on the charts.


Price Action:
The price action on the EURUSD H4 chart shows a notable deviation from the Bollinger Bands, indicating a potential overextension in the price movement. The market has recently made a sharp move downward, forming a large bearish candle after a period of consolidation within the upper half of the Bollinger Bands.


Key Technical Indicators:
Bollinger Bands: The price has broken below the lower Bollinger Band, suggesting a strong bearish move that could potentially lead to a reversal or pause in the trend as the market could be considered oversold.

RSI (Relative Strength Index): The RSI is hovering around 37, indicating bearish momentum but not yet in the oversold region, which could suggest there is room for further downward movement.

MACD (Moving Average Convergence Divergence): The MACD histogram is below the baseline and widening, signaling increasing bearish momentum, while the MACD line is diverging further from the signal line.


Support and Resistance:
Resistance: Prior price peaks on the chart, especially the recent high where the price touched the upper Bollinger Band, act as resistance levels.

Support: The next significant support level is likely where the price has previously consolidated or shown a bounce, which can be aligned with historical lows or Fibonacci retracement levels.


Conclusion and Consideration:
The EURUSD pair on the H4 timeframe has shown a sharp bearish movement, breaking through the lower Bollinger Band. The RSI and MACD indicators support the bearish momentum. Traders should be cautious of potential retracements due to the pair being in a typically oversold condition as per the Bollinger Bands. Upcoming economic reports and policy decisions from the US and Europe will be critical in determining whether the current bearish momentum will sustain or reverse. Risk management strategies should be employed, considering the support and resistance levels identified.


Disclaimer: This analysis is provided for informational purposes only and should not be construed as investment advice. Traders should conduct their own research and consider their risk tolerance before entering any trades.


FxGlory
05.02.2024

 

[FXGlory Ltd]

EURUSD Technical Analysis for 13.02.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EUR/USD pair, indicative of the Euro against the US Dollar's value, is sensitive to a range of economic stimuli. Key influences include policy shifts by the European Central Bank and the Federal Reserve, alongside pivotal economic data from both economies such as GDP growth, inflation, and job market dynamics. This currency pair is a global economic health gauge.


Price Action:
EUR/USD's H4 chart reveals a consolidation pattern, with the latest price action pressing against the upper Bollinger Band. This behavior signals a potential breakout or a retraction into the established range.

Key Technical Indicators:
MACD: The MACD remains subdued around the signal line, indicating a lack of decisive momentum in the market.
RSI: The Relative Strength Index hovers around the 50 mark, suggesting a balanced dynamic without clear overextension in either direction.
Parabolic SAR: The last four Parabolic SAR indicators have appeared above the price candles, suggesting a potential downtrend or a pause in bullish activity.
Bollinger Bands: The EUR/USD is trading within the Bollinger Bands, signifying a state of equilibrium with no significant breakouts observed.


Support and Resistance:
Support: The primary support level is identified at the lower Bollinger Band, reinforced by historical lows.
Resistance: Resistance is currently at the upper Bollinger Band, and a convincing break above this could signal a shift to bullish momentum.


Conclusion and Trading Considerations:
The EUR/USD analysis on the H4 chart suggests a tentative market with a slight bearish hint given by the Parabolic SAR positioning. However, with MACD showing no clear trend and RSI indicating a neutral stance, the market lacks conviction. Traders should monitor forthcoming economic data releases, which could incite volatility and provide clearer direction. A prudent approach is recommended, with close attention to the Bollinger Bands for potential breakout or pullback indications.

Disclaimer: This analysis is for educational purposes only, not constituting investment advice. Traders should undertake their own research and practice caution when engaging in the market.


FxGlory
13.02.2024

 

[FXGlory Ltd]

EURUSD analysis for 12.03.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Current EURUSD patterns hint at a pause in the upward trajectory, with a consolidation phase taking place above the bullish Ichimoku cloud. The currency pair's trajectory is largely influenced by the economic performance indicators and monetary policies from both Europe and the US. On the technical front, while the Ichimoku suggests a maintained bullishness, RSI near 59 and MACD's diminishing histogram suggest a potential slowdown in upward momentum. The immediate support is identified at the Ichimoku cloud's edge, with additional support near 1.0895. Resistance looms at the latest peak around 1.0935, extending to 1.0954. Monitoring of imminent economic news from the respective economies is advisable for traders, who should also prioritize risk management in light of the potential for trend shifts.


Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. It's crucial for traders to conduct their own research and consider their risk tolerance before trading.


Explore in-depth market insights and strategic trading tips by clicking here.


FXGlory
12.03.2024

 

[FXGlory Ltd]

EURUSD analysis for 15.03.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


The EUR/USD outlook on the H4 chart shows a downtrend, with the pair trading below the Ichimoku cloud, signaling bearish conditions. Fundamentally, the pair reacts to policy changes by the ECB and the Fed, as well as broader economic data from both regions. Technical indicators such as a descending MACD and an RSI below 50 reinforce the bearish sentiment, though the RSI suggests a potential for further decline before reaching oversold levels. The current support level is at 1.0885 with resistance near 1.0930, aligning with the Ichimoku cloud's lower edge. Caution and risk management, including the use of stop-loss orders, are advisable given the market's unpredictability and the influence of forthcoming economic announcements.


Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. It's crucial for traders to conduct their own research and consider their risk tolerance before trading.


Explore in-depth market insights and strategic trading tips by clicking here.


FXGlory
15.03.2024

 

[FXGlory Ltd]

EURUSD analysis for 18.03.2024

Time Zone: GMT +2
Time Frame: 4 Hours (H4)


The EUR/USD pair remains under pressure as key economic indicators from Europe and the US sway market sentiment. On the technical front, the H4 chart shows a persistent downtrend with the potential for a near-term reversal signaled by an oversold RSI below 40. However, the MACD underscores the current bearish momentum. Support is found at the recent low, with resistance at the downtrend's base and the Ichimoku cloud's lower boundary. Traders should watch for an RSI rebound or a MACD shift that might suggest a change in direction, keeping close tabs on geopolitical and economic news that could impact the pair's movement.


Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. It's crucial for traders to conduct their own research and consider their risk tolerance before trading.


Explore in-depth market insights and strategic trading tips by clicking here.



FXGlory
18.03.2024

 

[FXGlory Ltd]

EUR/USD technical analysis for 10.05.2024

Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The EUR USD pair forecast is poised for potential volatility with upcoming economic releases. The Italian Industrial Production month-over-month, expected at 0.3%, could strengthen the EUR if results exceed forecasts, signaling economic robustness. Conversely, the ECB Monetary Policy Meeting Accounts will provide deeper insights into the eurozone's economic conditions and future monetary policy, where a more hawkish stance is typically supportive of the EUR. On the USD front, multiple key events, including speeches from FOMC members and the Preliminary University of Michigan Consumer Sentiment Index, are due. Notably, a higher consumer sentiment than forecasted could bolster the USD by reflecting stronger consumer confidence, potentially influencing Federal Reserve policies.


Price Action:

EUR USD chart analysis has displayed a consolidation pattern in the H4 chart, indicating uncertainty as traders await key economic news. Recent sessions show a slight bullish sentiment as the pair attempts to recover from previous lows.


Key Technical Indicators:

Fibonacci: The retracement levels from the recent high to low provide potential resistance and support zones, critical for identifying reversal points.
MACD (Moving Average Convergence Divergence): Currently below the signal line, suggesting bearish momentum in the short term. However, traders should watch for any crossover above the signal line as a potential bullish indicator.
RSI (Relative Strength Index): Positioned around the mid-50s, indicating neither overbought nor oversold conditions, reflecting a balance in market sentiment.


Support and Resistance Levels:

Support: The pair finds initial support at the 1.0800 level, which has historically acted as a psychological and technical floor, preventing further declines in previous trading sessions.
Resistance: On the upside, the 1.0950 mark serves as a key resistance level, representing a previous high that the forex EURUSD chart struggled to surpass, making it a critical point for traders to watch for potential reversals or breakthroughs.


Conclusion and Consideration:

The EUR/USD analysis on the H4 chart suggests cautious trading in the short term, with key economic releases likely to drive significant price action. Traders should monitor the upcoming economic indicators and central bank communications closely, as these will provide further clues about the strength and direction of the respective currencies. Given the balanced RSI and the bearish hint from the MACD, any strategic positions should be accompanied by tight risk management to navigate the potential market volatility effectively.


FxGlory
10.05.2024

 

[FXGlory Ltd]

EURUSD Price Analysis for 28.5.2024

Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The recent news includes key economic indicators from both the Eurozone and the US that could significantly affect the EUR/USD exchange rate. On May 29th, the Eurozone will release the German Prelim CPI m/m, a crucial indicator of inflation trends in Europe's largest economy. For the US, significant data releases on May 30th include the Prelim GDP q/q with a forecast of 1.3% against the previous 1.6%, and Unemployment Claims expected to come in at 218K compared to the previous 215K. These economic indicators are essential to watch, as they provide insights into the economic health of both regions, influencing currency strength.


Price Action:
The EUR/USD H4 chart currently shows that the price has broken out of its bearish channel, which could indicate the end of the correction phase and suggest the potential for another bullish leg. The breakout from the bearish channel suggests a possible shift in momentum towards the upside. Traders should watch for confirmation of this breakout with sustained movement above the upper channel line, indicating the continuation of the bullish trend.


Key Technical Indicators:
MACD: The Moving Average Convergence Divergence (MACD) shows a lack of bearish momentum, with the histogram tightening and the MACD line showing signs of turning upwards. This could indicate a potential shift in the EUR/USD current trend towards bullishness.
RSI: The Relative Strength Index (RSI) is hovering around 58, which is slightly above neutral, indicating a mild bullish bias without being in overbought territory, suggesting room for further upward movement.


Support and Resistance Levels:
Support: The lower points of the recent candles around 1.08300 serve as the immediate support level.
Resistance: The upper line of the former bearish channel around 1.08750 acts as a resistance level.


Conclusion and Consideration:
Traders should closely monitor both the upcoming economic news and the GBPUSD reaction at the 1.26000 resistance level. A failure to break through could confirm the bearish price prediction, leading to potential short opportunities. Conversely, a strong push above this level could invalidate the bearish scenario for this pair. Given these dynamics, it's essential to stay updated with the latest economic reports and adjust strategies accordingly to navigate the volatile forex market effectively.


Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FxGlory
28.05.2024

 

[FXGlory Ltd]

EUR/USD Technical Analysis for 3.06.2024

Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The EUR/USD currency pair is influenced by various economic data releases today. Key among these is the Eurozone Retail Sales report, which is expected to show a 0.3% increase. A higher-than-expected result would be positive for the Euro. Additionally, other data such as German Factory Orders, Eurozone GDP, and various CPI figures will be released, though these are expected to have a moderate impact. On the US side, the Non-Farm Payrolls report and the Unemployment Rate are crucial indicators, with the NFP forecasted at 200K, indicating steady job growth, which could influence the USD.


Price Action:

The EUR/USD forex pair has been experiencing a bearish trend in the H4 timeframe. The price has recently retraced but remains above the critical support levels, suggesting the potential for continued downward movement. The recent candles show a consolidation phase, with the price moving towards the lower band of the Bollinger Bands.


Key Technical Indicators:

Ichimoku:

The Ichimoku Cloud analysis shows a bearish signal as the last cloud is red, indicating a negative outlook. Both the conversion line (Tenkan-sen) and the base line (Kijun-sen) are below the candles, which supports the bearish sentiment.

MACD (Moving Average Convergence Divergence):

The MACD line is below the histogram, indicating bearish momentum and suggesting a downward trend. The histogram also shows increasing bearish momentum, reinforcing the possibility of further declines.

Elliott Wave Analysis:

The Elliott Wave analysis for EUR/USD indicates that the pair is in a corrective phase. The recent waves suggest that the pair might continue its downward trajectory before completing the current wave structure.



Support and Resistance:

Support Levels:

Immediate support is at 1.0800, which aligns with the recent price action and the lower boundary of the Ichimoku Cloud. Further support is found at 1.0750, coinciding with previous swing lows.

Resistance Levels:

Immediate resistance is at 1.0900, where the recent highs align with the upper Bollinger Band. Further resistance is at 1.0950, the recent peak and psychological level.


Conclusion and Consideration:

The EUR/USD pair on the H4 chart shows a predominantly bearish trend with temporary consolidation. Key technical indicators such as the Ichimoku Cloud, MACD, and Elliott Wave analysis support the likelihood of continued downward movement. Traders should monitor upcoming economic data releases from the Eurozone and the US, as they could introduce volatility and influence the pair's direction.


Disclaimer: The provided EUR/USD analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis of the EUR/USD forex pair before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.

FxGlory
3.06.2024

 

[FXGlory Ltd]

EURUSD H4 Daily Technical and Fundamental Analysis for 07.06.2024

Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EURUSD currency pair, often referred to as "Fiber," reflects the exchange rate between the Euro and the US Dollar. Today, the Euro may see some impact from a series of low-impact economic data releases. Germany's Industrial Production report, forecasted at 0.1%, and Trade Balance, forecasted at 22.6B, along with France's Trade Balance, forecasted at -5.4B, will provide insights into the economic health of the Eurozone's largest economies. Additionally, comments from the Deutsche Bundesbank President and other minor economic indicators could influence the Euro. On the USD side, high-impact data including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate are expected. These reports are critical as they provide a snapshot of the US labor market, influencing the USD significantly. A better-than-expected Non-Farm Payrolls (forecasted at 182K) and Unemployment Rate (forecasted at 3.9%) could strengthen the USD.


Price Action:
Examining the EUR/USD H4 chart price, the Fiber pair has shown a bullish trend over the past few sessions. The price has been moving within an ascending channel, staying above the key support trendline. The recent EUR USD price action indicates a series of higher highs and higher lows, with the price touching the middle Bollinger Band and moving in the upper half of the bands, signifying bullish momentum. The last five candles have been mainly bullish, suggesting positive market sentiment.


Key Technical Indicators:
Bollinger Bands: The EURUSD chart's Bollinger Bands have been getting tighter, indicating decreased volatility. The price has been trading in the upper half of the bands and touching the middle band, showing a positive trend with potential for upward movement. The recent bullish candles support this momentum.
MACD (Moving Average Convergence Divergence): The MACD line is slightly above the signal line, with a positive histogram, indicating bullish momentum. However, the momentum appears to be stabilizing, suggesting traders should watch for any potential crossover that could signal a change in trend.
Williams %R: The Williams %R indicator is currently showing a value close to -20, indicating that the pair is near overbought conditions. This suggests caution as there might be a potential pullback or consolidation before the next significant move.


Support and Resistance:
Support: Immediate support is located at 1.0850, aligning with the ascending trendline and a recent price consolidation area.
Resistance: The nearest resistance level is at 1.0925, which coincides with recent highs and the upper boundary of the Bollinger Bands.


Conclusion and Considerations:
The EURUSD H4 chart analysis shows sustained bullish momentum, supported by key technical indicators such as Bollinger Bands, MACD, and Williams %R. The EUR-USD's current price action within the ascending channel indicates that the bulls are in control. However, the narrowing Bollinger Bands and the overbought signal from Williams %R suggest caution. Traders should monitor today's economic data releases, especially from the US, as they could significantly impact the pair's direction. Given the upcoming high-impact US data, increased volatility is expected.


Disclaimer: The EUR/USD provided chart analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
07.06.2024