EURUSD Daily – The Bulls are not giving up

The price of the Euro on the D1 time-frame was range-bound until it made a lower bottom on the 25^th of September. It seemed that the supply pressure, as many traders expected,  was finally strong enough to break out of the range. However, it proved to be short-lived and became a bears’ trap as the bulls pushed the Euro back into the range again.

On the 15^th of October, a higher bottom was formed at 1.16885 and the bulls showed their power again as the market shot through the 15 and 34 Simple Moving Averages and the Momentum Oscillator continued higher above the zero baseline into positive terrain. A Three White Soldier Candle pattern confirmed the upward momentum.

A possible critical resistance level formed when a higher top was recorded on the 21^st of October at 1.18808,  indicating that the bulls might be strong enough to start a new uptrend. Currently the bears are still trying hard to bring the Euro to lower levels.

If the Euro breaks through the previous higher top and critical resistance level at 1.18808, then three possible price targets may be calculated from there. Applying the Fibonacci tool to the top of the resistance level at 1.18808 and dragging it to a possible support level near the 34 Simple Moving Average at 1.17666, the following targets could be considered. The first target could be estimated at 1.19514 (161 %). The second price target might be considered at 1.20655 (261.8%) and the third and final target may be projected at 1.22502 (423.6%).

If the 1.17666 support level is broken, the anticipated price targets are annulled.

As long as the price continues making higher tops and bottoms and demand overcomes supply, the outlook for the EURUSD currency pair on the Daily time-frame will remain bullish.

For more information, please visit: FXTM             

Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Nigel Frith

Share

Tweet

Safest Forex Brokers 2024

	Broker	Info	Best In	Customer Satisfaction Score
#1	73% of retail CFD accounts lose money. Founded: 2014	Global Forex & CFD Broker	Best Trading Conditions Visit broker	4.9
#2	Your capital is at risk Founded: 2014	Global Forex Broker	BEST SPREADS Visit broker	4.8
#3	Your capital is at risk Founded: 2006	Globally regulated broker	BEST CUSTOMER SUPPORT Visit broker	4.9
#4	81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008	Global CFD Provider	Best Trading App Visit broker	5
#5	Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010	Global Forex Broker	Low minimum deposit Visit broker	4.9
#6	76% of CFD traders lose money Founded: 2007	Global CFD & FX Broker	ALL-INCLUSIVE TRADING PLATFORM Visit broker	4.9
#7	Your capital is at risk Founded: 2009, 2015 and 2017	Global Forex Broker	Low minimum deposit Visit broker	5
#8	Your capital is at risk Founded: 2006	CFD and Cryptocurrency Broker	CFD and Cryptocurrency Visit broker

Forex Fraud Certified Brokers

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.