EURUSD
11.01.2024
Daily chart:
We can see that EURUSD recently bounced above the key trend line around the 1.09 price level, where we have the 61.8% Fibonacci retracement level to cross.
This is where buyers with defined risk around the trend line stepped in to push the price to a new high. On the other hand, sellers should break the price below the trendline to invalidate the bullish setup and position for a break at the 1.07 price level.
4 hour chart:
We see that this currency pair is stuck in consolidation between 1.09 support and 1.10 resistance. The market may await US CPI data before deciding on the next path. However, the current setup gives us two possible scenarios:
A break to the upside should start a rally to a new high.
A break to the downside would likely trigger a sell-off to the 1.07 price level.
1 hour chart:
We can see the current price action more closely as the currency pair bounces around. There is nothing to do here but wait for the US CPI report and trade adjustments to guide the way.
Today we get the latest US CPI report and US jobless claims figures, while tomorrow we finish the week with US PPI data.
tip :
* Be sure to keep an eye on the DXY dollar index chart.
* Monitor the news carefully.
* Use the combination of technical and fundamental analysis in the stock market, stock exchange, forex and digital currencies
11.01.2024
Daily chart:
We can see that EURUSD recently bounced above the key trend line around the 1.09 price level, where we have the 61.8% Fibonacci retracement level to cross.
This is where buyers with defined risk around the trend line stepped in to push the price to a new high. On the other hand, sellers should break the price below the trendline to invalidate the bullish setup and position for a break at the 1.07 price level.
4 hour chart:
We see that this currency pair is stuck in consolidation between 1.09 support and 1.10 resistance. The market may await US CPI data before deciding on the next path. However, the current setup gives us two possible scenarios:
A break to the upside should start a rally to a new high.
A break to the downside would likely trigger a sell-off to the 1.07 price level.
1 hour chart:
We can see the current price action more closely as the currency pair bounces around. There is nothing to do here but wait for the US CPI report and trade adjustments to guide the way.
Today we get the latest US CPI report and US jobless claims figures, while tomorrow we finish the week with US PPI data.
tip :
* Be sure to keep an eye on the DXY dollar index chart.
* Monitor the news carefully.
* Use the combination of technical and fundamental analysis in the stock market, stock exchange, forex and digital currencies