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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 341064, member: 104606"] [B][SIZE=5]EURUSD Technical Analysis – 20th MAR, 2024 EURUSD – Bullish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/OMREA9I.png[/img] EURUSD started this week on a bearish note touching a low of 1.0834 on 19th March after which we can see that the prices have entered into a consolidation channel. Today we saw that the prices of EURUSD were able to manage a breakout and we saw the emergence of a bullish momentum with a continuous uptick in the prices of EURUSD. We can see the formation of Bullish Trend Reversal pattern with the Adaptive Moving Average AMA20, AMA50 and AMA100 in the 4-hourly timeframe. The MACD indicator is back over zero in the 2-hourly timeframe indicating a bullish tone present in the markets. Most of the technical indicators are giving a bullish tone with further upsides located at 1.0943 which is a 14-3 Day Raw Stochastic at 80%. In the short term we are now looking at some market consolidation after which the prices will start moving upwards with immediate targets of 1.0948 at which the Price Crosses 9 Day Moving Average Stalls. EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages. [LIST] [*] Euro bullish reversal seen above the 1.0936 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 1.0943 which is a 14-3 Day Raw Stochastic at 80%. EURUSD is now trading above its Pivot levels of 1.0915 and is moving into a Consolidation channel. The price of EURUSD remains above its Classic support levels of 1.0907 and is moving towards its next target of 1.0948. [I][B]Disclaimer:[/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. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=trendriforum&utm_medium=ownanalysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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