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EUR/USD Technical Analysis - EUR/USD Trading: 2023-11-29
EUR/USD Technical Analysis Summary
Above 1.1016
Buy Stop
Below 1.0895
Stop Loss
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Indicator | Signal |
RSI | Sell |
MACD | Buy |
Donchian Channel | Buy |
MA(200) | Buy |
Fractals | Buy |
Parabolic SAR | Buy |
EUR/USD Chart Analysis
EUR/USD Technical Analysis
The technical analysis of the EURUSD price chart on daily timeframe shows EURUSD, D1 has hit three-month high above the 200-period moving average MA(200) following a rebound after falling to 11-month low eight weeks ago. RSI indicator is in overbought zone. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.1016. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.0865. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - EUR/USD
Germany’s consumer confidence recovered slightly in November. Will the EURUSD price rebound persist?
Germany’s consumer confidence recovered slightly in November: the GfK Institute reported German Consumer Climate index reached -27.8 in November from -28.3 in October, when an increase to -28.2 was forecast. Readings above 0 indicate optimism, below indicate pessimism. This is bullish for euro and hence the EURUSD currency pair.
Note:
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