EUR/USD DAILY FOREX MARKET ANALYSIS
September/16/2021
Market eyes new support level as the economy reports around US dollar remains positive. It was reported that the US Initial Jobless Claims for august reached 330K, while the previous release was 310K, on the other hand, market players are however on the outlook for a positive US economy update.
Yet after a series of consolidation price action movements in the market structure in the earlier trading sessions, the EURO /DOLLAR pair finally heed to the calling of the bears. Unlike most advanced traders the next question that'll be on your minds will be where to be the next point of exit and the most suitable for stopping loss.
From a technical analysis standpoint, it should be noted that the total cost in driving the price of the market against August 13 highest demand zone will cost a total of 946pips, whereas the magnitude of the bears about the positive economy prediction for the greenback would likely foster the bearish action of the EUR/USD market.
While looking at the market In terms of indicator analysis the below observations can trigger the trading decisions of market participants
1. Price is currently below the 200 and the 50MA hence signify a bearish trading bias.
2. Average true range indicates strong volatility in the range of the bear candlesticks.
3. RSI indicator approach oversold condition hence a few retracements in price to the upside could help to stabilize the condition of the RSI, And thus traders will have more reasons to enter into the market at the best moments.
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