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Technical Market Outlook:
The EUR/USD pair has been seen coming off the local high located at the level of 1.0595, but still trades between the 100 and 50 moving averages. The nearest technical support is seen at the level of 1.0555 and the nearest technical resistance is located at the level of 1.0595. The next target for bears is the technical support located at the level of 1.0496 and 1.0483, but in order to do this, they need to break out below the trend line support. If the latter is violated, then the key short-term technical support located at the level of 1.0449 would be exposed for the test.
Weekly Pivot Points:
WR3 - 1.05460
WR2 - 1.05343
WR1 - 1.05298
Weekly Pivot - 1.05226
WS1 - 1.05181
WS2 - 1.05109
WS3 - 1.04992
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.
*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।
