EUR/USD: a detailed multi-timeframe examination of the pair

[Kylie]

Looking at the EUR/USD pair for 4 hours,s it is noticeable that it is gaining some pips at the price level of 1.0640 Should there be a continuous appreciation in the price, the next resistance level will be 1.0680 with the next support level at 1.0630.

[Ronald Ray]

Hey Traders, taking a look at DXY seems like the market has changed the plan and wants to remain indecisive until the release of CPI to have more of a clear vision what would be the Fed's next move. From now on USD choose to take a break and I think this break will continue in the short term as we approach CPI data.
Technically we have noticed a decent breakout on EURUSD downtrend so i will be monitoring the price action around 1.063 zone for a potential retrace.
Trade safe.

[Ronald Ray]

So, the latest data released by Eurostat shows that the Eurozone's Retail Sales in February were not as good as expected. Year-on-year, there was a decline of 2.3%, which was worse than the 1.9% decline that was anticipated. Month-on-month, there was an increase of only 0.3%, compared to the expected 1.0%. However, this was still an improvement from the previous month's decline of 1.6%.

This information may have an impact on the value of the Euro in foreign exchange markets. Generally, if the retail sector is doing well and consumer spending is increasing, this can have a positive effect on the economy, which can lead to an increase in the value of the Euro . Conversely, if the retail sector is struggling, it can have a negative effect on the economy, which can lead to a decrease in the value of the Euro .

So, in short, the latest Eurozone Retail Sales data shows that there has been a decline in sales, which may not be great news for the Euro .

The price is still inside a bearish channel where the value had a previous pullback on the 50% Fibonacci area inside a flag pattern . We are looking for a new short push-down continuation following our previous sell signals from Isoforex.
 

[Ronald Ray]

EURUSD is currently consolidating within a horizontal range.
Its resistance was reached on Friday.
Watch how nicely the price was rejected from that,
It looks like the pair may drop lower.

Goal - 1.062

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[Anne Chowdhury]

Hi guys, this is my overview for EURUSD , feel free to check it and write your feedback in comments👊

Recently price bounced from $1.0660 level to $1.0800 and started trades inside of wedge .

Inside of wedge Euro declined to $1.0530 level, left wedge , and started moving up in rising channel .

Also, inside from channel price tried to back up, but failed and made downward impulse to $1.0520

Next, Euro at once bounce up to resistance area and broke $1.0545 level.

Later price declined back and broke $1.0660 level and at the moment trades close to support level .

Possibly, Euro can make a little correction to support level and then start to grow to $1.0610

If this post is useful to you, you can support me with like and advice in comments❤️
 

[Kylie]

Looking at the EUR/USD pair for 15 minutes, it is noticeable that it is gaining some pips at the price level of 1.0635 Should there be a continuous appreciation in the price, the next resistance level will be 1.0645 with the next support level at 1.0630.

[Ronald Ray]

Hi guys, this is my overview for EURUSD, feel free to check it and write your feedback in the comments👊

When the price started inside from the rising channel, it broke $1.0830 level and reached $1.0925 point.

But then Euro started to decline and fell below support level, thereby exiting of channel.

Then price entered to triangle, where it started to grow, backed up, and reached $1.0975 point.

Next Euro bounced down, exited from triangle, and declined to support level which coincide with support line.

After this price made upward impulse to resistance area, thereby breaking $1.1010 level.

And later Euro declined to support line, but a not long time ago backed up and now trades close to area.

Possibly price bounce down from area, broke support level, and fall below support line to $1.0955

If this post is useful to you, you can support me with like/boost and advice in comments❤️

https://topgoldforum.com/uploads/monthly_2023_04/Untitleddesign(4).thumb.png.1b5c282ec95027453c35876ca7630c59.png

Edited April 27 by Ronald Ray

[Ronald Ray]

Early Monday, the EUR/USD reached a new intraday low as the bears targeted the 1.1000 round figures. The US Dollar gained strength due to sluggish market activity caused by holidays in many bourses. Keep an eye on the First Republic bidding results to join in on the hawkish Fed bets that may further pressure the EUR/USD before the crucial monetary policy meetings. From a technical perspective, the EUR/USD is approaching the previous support area at 1.09600, where it may encounter a demand zone and rebound to continue growing towards the target of 1.1100

[Ronald Ray]

 

Having conducted a thorough MTF analysis of EUR/USD, the following observations could be made:

Weekly: as it can be inferred from the Weekly-timeframe chart, the price has been shooting wick candles and failing to break above the major resistance highlighted on the graph. The ongoing Weekly candle is looking massively bearish, and if we get to have a such impulsive closure, then the price might be experiencing a further decline. The 50% Fibonacci retracement level aligning with the price mark of 1.08 might be the next potential region the bearish rally is leading us towards.

Daily: zooming into the Daily-TF chart, we might observe that the price has penetrated through the ascending trendline with success. This add up to the list of confluences backing our bearish bias.

16H / 8H / 4H: finally, levelling down to lower-timeframe graphs, we can plot a probable entry region and have eyes on it for SELL executions. The area of 1.1 combines two confluences: the 50% Fibonacci retracement level derived from the recent impulse and the descending trendline pictured on the chart that connects two previous tops.

On the fundamental front, we have to keep eyes on the economic news - US Core Inflation Rate and PPI MoM - due later today and tomorrow.