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Spotted a "Short Term" buying opportunity on EURUSD H1/H4 Chart(s). Expecting price to find support at the 1.07 level, which is a round psychological number. Currently looking for a break above the upper cycle channel on the H1 chart.

45 Turbos/Knockout: 1.06563
50 Turbos/Knockout: 106074

Target: 1.0745


Turbo Position.png

Edited by Carl-Gustav
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13 hours ago, Carl-Gustav said:


EUR/USD Upside in Focus as Inflation Data Looms
Nov 8, 2023 8:01 PM +02:00

Richard Snow DailyFX Strategist



EUR/USD has advanced in an impressive fashion, reaching channel resistance with ease. Since then successive daily candles reveal extended lower wicks – suggesting a rejection of lower prices. However, this would need to be confirmed by a daily close on today’s candle.

What that does is highlight 1.0700 as a level of immediate support, keeping EUR/USD primed for another attempt at breaking out of the channel, with the 200-day simple moving average not far away. A return to channel support would invalidate the trade or at the very least delay the idea for a later date. 1.0831 is the level of resistance targeted on the upside.

EUR/USD Daily Chart


Source: TradingView, prepared by Richard Snow

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EUR/USD technical analysis

After facing rejection from Fibonacci resistance at 1.0765, EUR/USD has undergone a quick pullback, with the exchange rate now flirting the lower limit of a support band at 1.0650. The bulls must defend this floor at all costs – failure to do so can send the pair reeling, driving prices toward trendline support at 1.0555. On further weakness, the possibility of a retest of the 2023 lows come into view.

In case the market turns and sentiment swings in favor of the bulls, the first technical barrier to watch appears at 1.0765, where the 200-day simple moving average aligns with the 38.2% Fib retracement of the July/October decline. Overcoming this confluence of key levels could reinforce the bullish momentum, paving the way for a move towards 1.0840.

EUR/USD technical chart


original-size.webpSource: TradingView




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