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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 344694, member: 104606"] [B][SIZE=5]EURUSD Technical Analysis – 16th APR, 2024 EURUSD – Bullish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/W7zkLGo.png[/img] EURUSD started this week moving in a zigzag pattern and we can see that the prices entered into a consolidation phase yesterday after which we can see the resumption of the Uptrend. We can see the formation of a Bullish Trend Reversal pattern with both the Moving Average and the Adaptive Moving averages in the 30-minutes timeframe. Some of the Technical Indicators are also giving a Neutral stance present into the markets. We can see that the MACD crosses UP its Moving Average in the 4-hourly timeframe indicating a Bullish Trend present into the markets. The Resistance of the channel is broken in the 15-minutes timeframe indicating the Bullish tone of the markets. EURUSD is now trading below its 100-hour SMA and 200-hour SMA simple moving averages. [LIST] [*] Euro bullish reversal seen above the 1.0607 mark. [*] Short-term range appears to be Neutral. [*] EURUSD continues to remain above the 1.0620 levels. [*] Average true range ATR is indicating less market volatility. [/LIST] The next resistance is located at 1.0663 which is a Price 2 Standard Deviations Resistance. EURUSD is now trading below its Pivot levels of 1.0627 and is moving into a Consolidation channel. The price of EURUSD remains above its Classic support levels of 1.0601 and is moving towards its next target of 1.0663. [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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