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Forex Markets in Focus: The EUR/USD Dynamics
Markets in Europe hint at a modestly upbeat start, with indices nudging up between 0.25% and 0.40%. Despite a quiet day for economic reports, the UK's inflation data has set the stage. Attention now shifts to the Eurozone's GDP and employment figures due at 11:00, which could sway the EUR/USD. Meanwhile, central bank figures from the Fed and the BoE are expected to address recent CPI figures and their monetary implications.
After touching the 61% Fibonacci retracement, the EUR/USD recoiled, breaching support at 1.0699. The pair faces resistance at 1.0723 and 1.0742, with support further down at 1.0696 and 1.0676. Momentum wanes, hinting at a continued descent before potentially reaching oversold conditions on the H4 chart.
Candlestick patterns reveal market sentiment:
The EMA 100 and DEMA 50 serve as overhead resistance, with the pair's position underneath them suggesting bearish currents. The descending channel on the chart implies ongoing downward pressures, yet the current price near its lower bound may offer support.
The RSI, teetering near 30, suggests the market might be primed for a turnaround. Indicator analysis shows a bearish tilt with a majority signaling 'Sell.' Sentiment scores remain predominantly bullish, yet the past three days have balanced out to neutral.
WR3 - 1.08296
WR2 - 1.08114
WR1 - 1.07992
Weekly Pivot - 1.07932
WS1 - 1.07810
WS2 - 1.07750
WS3 - 1.07568
Bulls may anticipate a market upswing from current levels, eyeing potential bullish patterns and a channel rebound. A break above key resistances might signal a trend shift. Conversely, bears may expect the downtrend to persist, with moving averages reinforcing resistance and fundamental USD strength applying downward pressure.
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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