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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 346981, member: 104606"] [B][SIZE=5]EURUSD Technical Analysis – 02nd MAY, 2024 EURUSD – Bearish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/2o5Webw.png[/img] EURUSD was unable to sustain its bullish momentum and after touching a high of 1.0727 started its bearish momentum below the 1.0700 levels. We can see the formation of a Bearish Trend Reversal pattern with the Adaptive Moving Average AMA100 in the 4-hourly timeframe. We can see that the price of Euro is back under the Pivot point in the Daily timeframe. Some of the Technical Indicators are also giving a Sell signal below the 1.0710 levels. Both the Support of the Channel and Triangle is broken in the 15-minutes timeframe. EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages. [LIST] [*] Euro Bearish Reversal seen Below the 1.0727 mark. [*] Short-term range appears to be Neutral. [*] EURUSD continues to remain Below the 1.0720 levels. [*] Average true range ATR is indicating less market volatility. [/LIST] The next Support is located at 1.0683 which is a 3-10-16 Day MACD Moving Average Stalls. EURUSD is now trading below its Pivot levels of 1.0702 and is moving into a Mild bearish channel. The price of EURUSD remains above its Classic support levels of 1.0685 and is moving towards its next target of 1.0683. [I][B]Disclaimer:[/B] This analysis represents my own opinion only. 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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