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Technical Overview
The EUR/USD currency pair recently achieved a new high. This follows the completion of a Cup and Handle pattern in the H4 time frame. The breakout occurred above the resistance level, reaching 1.1050. From the recent high of 1.1018, the target for this pattern is around 1.1310, suggesting a potential increase of approximately 2.66%.
Key Support Levels
The intraday support levels are identified at 1.1018 and 1.1010. The current market momentum is strong and positive, indicating that the bullish trend might continue in the short term.
Weekly Pivot Points
Pivot Points are crucial in identifying potential trend shifts, as well as support and resistance areas. The relevant levels for this week are:
Long-Term Outlook
On a weekly basis, the EUR/USD pair surpassed the 61% Fibonacci retracement level at 1.0963. To solidify this upward trend, a weekly close above this level is necessary. A confirmed breakout would hint at a potential long-term trend reversal favoring the Euro. The key support in this context is at 1.0666.
Hourly Indicator Summary
Market Sentiment
Current market sentiment is predominantly bullish, with 59% in favor versus 41% bearish. This trend aligns with last week's sentiment and the sentiment over the past three days.
Strategic Trading Insights
For bullish traders, maintaining positions above the key support level of 1.0666 could be strategic, especially if the pair sustains above the weekly pivot point. For bearish traders, a focus on potential reversals near the WR3 or if the pair drops below the current support levels could be crucial. Remember, market dynamics are subject to change and it's important to consider both potential gains and risks in trading decisions.
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Important Reminder
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
