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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 340257, member: 104606"] [B][SIZE=5]EURUSD Technical Analysis – 13th MAR, 2024 EURUSD – Resistance of Channel is Broken[/SIZE][/B] [img]https://i.imgur.com/OjI2sOS.png[/img] EURUSD continued its bullish momentum today after the consolidation phase and managed to touch a high of 1.0963 in the US trading session after which we can see some consolidation coming into the markets. We are now looking to re-enter the bullish zone after the current wave of consolidation gets over and touch the 1-months high of 1.0980 soon. We can see that the resistance of the channel is broken in the 1-hourly timeframe indicating a bullish tone present in the markets. The Aroon indicator is giving a bullish trend signal in the 4-hourly timeframe. Some of the technical indicators are also giving a neutral tone indicating the presence of the consolidation wave at present in 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 1.0980 which is a 1-months high. EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages. [LIST] [*] Euro bullish reversal seen above the 1.0920 mark. [*] Short-term range appears to be Neutral. [*] EURUSD continues to remain above the 1.0950 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] The next resistance is located at 1.0975 which is a Price 3 Standard Deviations Resistance. EURUSD is now trading below its Pivot levels of 1.0957 and is moving into a Consolidation channel. The price of EURUSD remains above its Classic support levels of 1.0942 and is moving towards its next target of 1.0980. [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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