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Technical Market Outlook:
The EUR/USD pair has been seen testing the 61% Fibonacci retracement level located at1.0960, which is the weekly high as well. The intraday technical support seen at the level of 1.0931 and the intraday technical resistance is located at 1.0966 and 1.0968 (50 DMA). Key short-term technical support rests at 1.0825 and only a sustained breakout above this level would change the outlook to more bearish. The momentum bounced back up to positive area, so the bulls are temporary in control of the market, however, the momentum is decreasing toward the neutral level of 50 on RAI (14) at H4 time frame. The larger time frame trend remains up, but in order to rally up, the bulls needs to breakout above the level of 1.0968 again.
Weekly Pivot Points:
WR3 - 1.1099
WR2 - 1.1033
WR1 - 1.0986
Weekly Pivot - 1.0920
WS1 - 1.0873
WS2 - 1.0807
WS3 - 1.0760
Trading Outlook:
The EUR/USD market rebounded from the weekly swing low at 1.0449, persistently ascending within the ongoing counter-trend corrective cycle. Bulls are eyeing the next target at the 61% Fibonacci retracement of the recent weekly downtrend, positioned at 1.0963. A breakout above this level would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
