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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 339960, member: 104606"] [B][SIZE=5]EURUSD Technical Analysis – 11th MAR, 2024 EURUSD – Bullish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/0NY5xLf.png[/img] EURUSD was unable to sustain its bullish momentum and after touching a high of 1.0980 on 8th March we saw downwards retracement towards the lows of 1.0914 seen today in the US trading session. We can see that the prices of Euro have now stabilized and are looking to enter into a consolidation zone after which we can see some upwards recovery. We can see the formation of Bullish Trend reversal pattern in both the 15-minutes and weekly timeframes. The MACD crosses UP its Moving Average in the weekly timeframe. The prices of EURUSD are ranging near the support of the triangle in the weekly timeframe indicating the bullish nature of the markets. In the short term we are now looking at some market consolidation after which the prices will start moving upwards with immediate targets of 1.0959 which is a 61.8% Retracement from the 52 Week Low. EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages. [LIST] [*] Euro bullish reversal seen above the 1.0870 mark. [*] Short-term range appears to be Neutral. [*] EURUSD continues to remain above the 1.0900 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] The next resistance is located at 1.0969 which is a 38.2% Retracement From 13 Week High. EURUSD is now trading below its Pivot levels of 1.0923 and is moving into a Consolidation channel. The price of EURUSD remains above its Classic support levels of 1.0917 and is moving towards its next target of 1.0959. [I][B]Note:[/B] This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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