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Today's macroeconomic calendar lacks key releases that could sway global markets significantly. Futures contracts suggest minimal volatility at the opening of the European cash session, with most instruments showing changes within a narrow range of 0.10%. Attention will be on speeches from central bankers of the ECB and the Fed, as well as earnings reports from several US companies post-session.
Central bankers' speeches throughout the day include:
Looking ahead, the focus shifts to the US inflation report, with expectations leaning towards a decline. Subsequent days will bring crucial data like retail sales and industrial production, influencing the Fed's March decision.
The EUR/USD pair's bounce is capped near 1.0806, just shy of the 50% Fibonacci retracement level, while the upside faces resistance at 100 DEMA around 1.0822. Intraday support lies at 1.0763. Momentum indicates a market rebounding from oversold conditions, with a pivotal test near the fifty level. Bullish momentum requires a breakout above 1.0810, targeting the key short-term supply zone at 1.0898 - 1.0890.
Candlestick Patterns: 'Hammer' patterns at lower levels suggest potential bullish reversals, contrasted by a 'Shooting Star' at higher levels indicating possible bearish reversals. Instances of 'Bearish Engulfing' patterns further hint at bearish sentiment.
Moving Averages: The 50-period DEMA and 100-period EMA form potential resistance and support zones, respectively, with the price currently situated between them.
Technical Indicators: The RSI around 51.28 signals neutrality, suggesting neither overbought nor oversold conditions.
Trendlines and Price Channels: The price is within an ascending channel, indicative of a short-term bullish trend, though nearing the upper boundary, posing potential resistance.
While 9 out of 22 technical indicators show a Sell signal, 17 out of 18 moving averages indicate a Buy signal, with a mixed sentiment scoreboard (59% bulls vs. 41% bears).
EUR/USD Bullish Scenario:
EUR/USD Bearish Scenario:
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.
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