Hello everyone, as we all know the market action discounts everything :)
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EUR/USD has gone back to the 1.1650 level as a bounce is underway. we will probably be seeing the pair extend its advance to the 1.1750 region.
The pair is giving signs that an attempt to push towards 1.1675 could be happening and perhaps even towards 1.1750, the upper limit of the descending channel.
Possible Scenarios for the market :
Scenario 1 :
The pair is trading at 1.16597 today with a strong Bullish movement that was able to break the first resistance line of the day located at 1.16540, If the Bulls were able to support this push even more then we might have a confirmation for a breakout that level, With will lead the price to the resistance level near 1.17387 in the next few days.
Scenarios 2 :
The Bears are not sleeping yet and they will be attempting a push back, that will return the EUR/USD pair back into the Bearish trend, The move will probably start by a push down to the first support level located at 1.15780 where we might see a battle over control of the market. If the Bears were to win that battle then we will be seeing a further push down that could lead the pair price to the 1.15260 range.
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 Bullish short-trend but remains a Bearish long-trend.
2) The RSI is at 51.88 showing good strength in the market, no divergences were found between the market and the indicator.
3) The MACD is under the zero line indicates that the market is still in a Bearish state, We are having a positive crossover that indicates an increase in market value.
Support & Resistance points :
support Resistance
1) 1.1578 1) 1.1631
2) 1.1548 2) 1.1654
3) 1.1526 3) 1.1684
Fundamental point of view :
The dollar was undercut by a drop in U.S. bond yields, which have turned down after failing to breach their June high during last week’s inflation scare. The 10-year benchmark Treasury yield was down 1 basis point at 1.57%, in the wake of data on Monday showing a drop in U.S. industrial production in September.
The data calendar for Tuesday is relatively light, with only housing starts and building permit numbers out of the U.S. Instead, the day is filled with speeches from central bankers, including the Federal Reserve’s Mary Daly, Michelle Bowman, Chris Waller and, inevitably, Raphael Bostic. In Europe, Bank of England Governor Andrew Bailey, BoE chief economist Catherine Mann and European Central Bank chief economist Philip Lane are both due to appear. According to investing.
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 !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
EUR/USD has gone back to the 1.1650 level as a bounce is underway. we will probably be seeing the pair extend its advance to the 1.1750 region.
The pair is giving signs that an attempt to push towards 1.1675 could be happening and perhaps even towards 1.1750, the upper limit of the descending channel.
Possible Scenarios for the market :
Scenario 1 :
The pair is trading at 1.16597 today with a strong Bullish movement that was able to break the first resistance line of the day located at 1.16540, If the Bulls were able to support this push even more then we might have a confirmation for a breakout that level, With will lead the price to the resistance level near 1.17387 in the next few days.
Scenarios 2 :
The Bears are not sleeping yet and they will be attempting a push back, that will return the EUR/USD pair back into the Bearish trend, The move will probably start by a push down to the first support level located at 1.15780 where we might see a battle over control of the market. If the Bears were to win that battle then we will be seeing a further push down that could lead the pair price to the 1.15260 range.
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 Bullish short-trend but remains a Bearish long-trend.
2) The RSI is at 51.88 showing good strength in the market, no divergences were found between the market and the indicator.
3) The MACD is under the zero line indicates that the market is still in a Bearish state, We are having a positive crossover that indicates an increase in market value.
Support & Resistance points :
support Resistance
1) 1.1578 1) 1.1631
2) 1.1548 2) 1.1654
3) 1.1526 3) 1.1684
Fundamental point of view :
The dollar was undercut by a drop in U.S. bond yields, which have turned down after failing to breach their June high during last week’s inflation scare. The 10-year benchmark Treasury yield was down 1 basis point at 1.57%, in the wake of data on Monday showing a drop in U.S. industrial production in September.
The data calendar for Tuesday is relatively light, with only housing starts and building permit numbers out of the U.S. Instead, the day is filled with speeches from central bankers, including the Federal Reserve’s Mary Daly, Michelle Bowman, Chris Waller and, inevitably, Raphael Bostic. In Europe, Bank of England Governor Andrew Bailey, BoE chief economist Catherine Mann and European Central Bank chief economist Philip Lane are both due to appear. According to investing.
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 !!
Thank you for reading.