Denis Joeli Fatiaki
Independent Analyst
EUR/USD: Euro consolidates at 1.13810 and its 500 EMA at 1.13610
What is going on now with EUR/USD?
EUR/USD: The Euro fell below 1.13430 in yesterdays session; however it was supported at 1.13270 as highlighted in yesterdays update. The pair bounced at 1.13270 during the European session and pierced through 1.13430 resistance, lifting prices all the way to 1.14125 highs before retreating to its 500 EMA at around 1.13610.
Our forecast
EUR/USD: Euro's progress to the upside has been restricted at 1.13810 in the 60 minutes price chart for the past ten hours. The pair has fallen below 1.13810 support now turn resistance and could continue down to its 500 EMA at 1.13610. The Euro needs to break and remain above 1.13810 to continue to 1.13960.
Support/short - 1.13610, 1.13430, 1.13270, and 1.13065
Resistance/Long - 1.13810, 1.13960, 1.14155, and 1.14365
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop losses to protect your capital, take profit and exit your position.
Our trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/joinchat/AAAAAFBM7dEWfBHez8KNJA
Chart 1: The short-term view of the EUR/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the EUR/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.