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EUR/USD dropped through the 1.0610 low last week before finding support. The single currency pair is seen to be trading close to 1.0950 at this point in writing as the bulls prepare to push higher soon. A break above 1.0800 will confirm that a meaningful low is in place around 1.0510 and that the bulls are back in control.
EUR/USD has been dropping since July 2023 after printing swing highs around 1.1275. The bears have been successful in taking out major support around the 1.0630-40 area as the price hit our projected target. Furthermore, the Fibonacci 0.382 retracement of the entire rally between 0.9535 and 1.1275 has been completed. A high probability remains for a pullback rally to resume from here soon.
EUR/USD could be well poised to push through .0950 and up to 1.1000 in the next few weeks. Also, note that 1.0950 is the Fibonacci 0.50 retracement of the above downswing while 1.1000 is close to the 0.618 retracement. Once complete, we could witness another round of sell-offs towards 1.0200.
A potential counter-trend rally is to resume towards 1.0980 soon.
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।