EURUSD Heading towards 1.09200 Level.
Fundamental Analysis :
The market reacts more to fundamental than technical because fundamentals provides the new growth or new decline.
Today, it is expected that the FOMC will hold rate today but another rate hike is expected in July that will favor the Dollar, As rate-cutting cycle shifts towards the end of the year.
As far as Euro is concerned, I am expecting a Hawkish stance from ECB because inflation is still Higher. This will make Euro Up in short time so the Target could be the Daily Resistance area i.e. 1.09200. After that we can expect a downfall of EURUSD towards its main support i.e. 1.05200.
Technical Analysis
EURUSD is following a trendline towards up direction on H4 chart, signaling an uptrend in the market.
The chart for EUR/USD displays bullish momentum, indicating an upward trend in the market. This momentum is supported by the price's position above a notable ascending trend line, suggesting the possibility of further upward movement.
A bullish rebound may occur from the initial support level at 1.0783, driving the price higher towards the first resistance level at 1.0829. Both the first support at 1.0783 and the second support at 1.0735 are considered significant levels, highlighting their importance as potential entry points for buyers.
On the upside, the first resistance level at 1.0829 acts as a substantial barrier, potentially limiting upward price movements.
Additionally, the second resistance level at 1.0861 corresponds with the 50% Fibonacci retracement, further emphasizing its significance as a potential hindrance to upward momentum.
The market reacts more to fundamental than technical because fundamentals provides the new growth or new decline.
Today, it is expected that the FOMC will hold rate today but another rate hike is expected in July that will favor the Dollar, As rate-cutting cycle shifts towards the end of the year.
As far as Euro is concerned, I am expecting a Hawkish stance from ECB because inflation is still Higher. This will make Euro Up in short time so the Target could be the Daily Resistance area i.e. 1.09200. After that we can expect a downfall of EURUSD towards its main support i.e. 1.05200.
Technical Analysis
EURUSD is following a trendline towards up direction on H4 chart, signaling an uptrend in the market.
The chart for EUR/USD displays bullish momentum, indicating an upward trend in the market. This momentum is supported by the price's position above a notable ascending trend line, suggesting the possibility of further upward movement.
A bullish rebound may occur from the initial support level at 1.0783, driving the price higher towards the first resistance level at 1.0829. Both the first support at 1.0783 and the second support at 1.0735 are considered significant levels, highlighting their importance as potential entry points for buyers.
On the upside, the first resistance level at 1.0829 acts as a substantial barrier, potentially limiting upward price movements.
Additionally, the second resistance level at 1.0861 corresponds with the 50% Fibonacci retracement, further emphasizing its significance as a potential hindrance to upward momentum.
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