Hello everyone, as we all know the market action discounts everything :)
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The EURUSD has been having a great week as the market price started Monday with a green candle at 1.1793 and now already pushed the resistance zone between 1.17993 - 1.18163 we are still waiting for confirmation tho.
The market is looking Bullish right now with a lot of buy signals from indicators, Moving averages & breaking resistance lines.
But the major thing that happened was a breaking of the downward channel which indicated a trend reversal is happening right now, which is huge news this could lead to the pair price rising up to the 1.185 or maybe even the 1.190 zone.
Possible Scenarios for the market :
Scenario 1 :
The market is giving a lot of bullish signs, and today the price has pushed into the resistance zone between 1.17993 - 1.18163 after the confirmation we will see the price moving up hitting the resistance level at 1.1835 where the main battle between the Bulls and Bears will happen, If the Bulls were able to keep control over the momentum then that would be the push that the market needed to hit the 1.190 level.
Scenario 2 :
At the 1.1835 level if the Bears were able to regain control over the market then we will see the price dropping near the new support line at 1.1838, and the Bulls power will be tested at the level and if they win then the market will go down to the 1.1744 zone.
Technical indicators show :
1) The market is above the 5 10 20 MA and EMA but still below the 50 100 and 200 which indicates a short-term Bullish movement but the state of the market is still bearish for the long-term.
2) The RSI is at 56.47 showing great strength in the market and giving a buy signal
3) The MACD is on the move heading above the 0 line, with a positive crossover between the MACD line and Signal line.
Daily Support & Resistance points :
support Resistance
1) 1.1782 1) 1.1810
2) 1.1768 2) 1.1824
3) 1.1754 3) 1.1838
Fundamental point of view :
The US Dollar Index (DXY) drops to a fresh low in two weeks, down 0.11% around 92.59 at the latest, as market sentiment improves amid a bit of consolidation in the virus figures.
comments from the European Central Bank (ECB) policymakers, suggesting an extension of easy money policies, offer an extra boost to the EUR/USD upside. Recently, Governing Council member Robert Holzmann, as well as Governing Council member and Bank of France Head Francois Villeroy de Galhau rejected the reflation fears. Hence, today’s inflation data from the bloc, expected to double from 0.7% YoY previous readouts to 1.5% YoY, will be the key to watch. According to FXstreet
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The EURUSD has been having a great week as the market price started Monday with a green candle at 1.1793 and now already pushed the resistance zone between 1.17993 - 1.18163 we are still waiting for confirmation tho.
The market is looking Bullish right now with a lot of buy signals from indicators, Moving averages & breaking resistance lines.
But the major thing that happened was a breaking of the downward channel which indicated a trend reversal is happening right now, which is huge news this could lead to the pair price rising up to the 1.185 or maybe even the 1.190 zone.
Possible Scenarios for the market :
Scenario 1 :
The market is giving a lot of bullish signs, and today the price has pushed into the resistance zone between 1.17993 - 1.18163 after the confirmation we will see the price moving up hitting the resistance level at 1.1835 where the main battle between the Bulls and Bears will happen, If the Bulls were able to keep control over the momentum then that would be the push that the market needed to hit the 1.190 level.
Scenario 2 :
At the 1.1835 level if the Bears were able to regain control over the market then we will see the price dropping near the new support line at 1.1838, and the Bulls power will be tested at the level and if they win then the market will go down to the 1.1744 zone.
Technical indicators show :
1) The market is above the 5 10 20 MA and EMA but still below the 50 100 and 200 which indicates a short-term Bullish movement but the state of the market is still bearish for the long-term.
2) The RSI is at 56.47 showing great strength in the market and giving a buy signal
3) The MACD is on the move heading above the 0 line, with a positive crossover between the MACD line and Signal line.
Daily Support & Resistance points :
support Resistance
1) 1.1782 1) 1.1810
2) 1.1768 2) 1.1824
3) 1.1754 3) 1.1838
Fundamental point of view :
The US Dollar Index (DXY) drops to a fresh low in two weeks, down 0.11% around 92.59 at the latest, as market sentiment improves amid a bit of consolidation in the virus figures.
comments from the European Central Bank (ECB) policymakers, suggesting an extension of easy money policies, offer an extra boost to the EUR/USD upside. Recently, Governing Council member Robert Holzmann, as well as Governing Council member and Bank of France Head Francois Villeroy de Galhau rejected the reflation fears. Hence, today’s inflation data from the bloc, expected to double from 0.7% YoY previous readouts to 1.5% YoY, will be the key to watch. According to FXstreet
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.