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Category: Analysis

Technical analysis for EURUSD: 7th November – 11th November

The EURUSD pair has corrected to a great extent over the last week after the breakout of the triangle chart pattern. The pair sharply fell after breaching the triangle support zone at 1.10898 level and eventually started its correction in the last week after the hitting critical support level at 1.08526.Investors are overly cautious about the next move of the pair since the presidential election is on 8th November. Though there are very few significant major economic news releases but conservative investors will be staying on the sideline unless the market gives extremely clear and reliable trading signal. The ongoing issue of interest rate hike decision by the FED has also added some sort of uncertainty about the current strength of the U.S dollar. Though there is 67.3% of interest rate hike in the month of December but traders were not given any clear clue by the FED in the last FOMC meeting minutes. Though the U.S dollar has shown some significant amount of strength in last few weeks but the recent strong correction of the EURUSD pair has created a little bit of confusion into the mind of sellers. But the pair needs to overcome significant resistance level before the buyers fully establish their power in the market daily closing above the critical resistance level at 1.11809 level is required in order to see some fresh buying pressure in the market. The market will remain strongly bearish until the critical resistance level at 1.11809 is breached on a daily…

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General analysis about forex market: 17th October -21st October

EURUSD technical analysis The medium-term uptrend in the EURUSD pair has changed its momentum in the last week. The pair has broken the bullish trend line support in the last week and established new bearish pressure. Though it has broken the trend line support zone but professional traders are overly cautious since the U.S economy is struggling pretty hard against its major rivals. Professional traders are looking to sell this pair at a higher price. The price might retrace back towards the critical resistance level at 1.11643.This critical resistance zone is going to provide a significant amount of resistance to this pair since the 100 and 200 day SMA lies there.Professional traders will look for bearish price action signal at that level to enter short in the EURUSD pair. The first bearish target for this pair would be the critical support level at 1.09170.A valid break of that level will bring further downward movement in the pair towards the next critical support level at 1.07760.If the pair manages to breach that level then we will see a sharp fall in the EURUSD pair and can assume that the long term bearish trend in the market is getting ready for another bearish run. On the contrary, a valid break above the 100 and 200 days SMA will change the bearish market sentiment into bullish. A break of the 100 days daily SMA will lead this pair towards the next critical resistance level at 1.12922.In the eyes of trained professional, the overall…

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Technical analysis for EURUSD: 3rd October -7th October

The Euro is trading higher against it all major rival after the dovish statement of interest rate hike decision in the last FOMC meeting minute. The daily uptrend in the EURUSD pair still intact and the price is making nice recovery after hitting the critical support level at 1.09086.Professional price action traders are overly cautious¬† in trading this pair since the long term bearish trend in the EURSUD pair is at risk. In the upcoming week are expecting less volatility in the EURUSD pair since there is few major economic news release on behalf of EURO. However, we can see extremely volatility in the market on Friday due to the Non-farm Employment change data release. The previous Non-farm Employment data was 151 k which is pretty bad. Based on previous data and the overall performance of the EURUSD pair we are not expecting any significant improvement in favor of the Green Bucks So fundamentally the dollar remains broadly weaker against the EURO in this upcoming week. But despite the dovish statement of the FED the dollar might gain a little strength in the market in the event of ISM Manufacturing PMI data. The data was significantly bad in the last couple of release but economic researchers are expecting green data which will help the dollar to recover its losses to a certain extent. Daily chart analysis Figure: Technical parameter in the EURUSD pair The medium-term uptrend in the EURUSD pair is still intact and the price is trading well above…

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