EURUSD: Fibonacci and Stoch RSI Align fora Bullish Breakout
Attention traders! EURUSD is entering a golden buying zone as it approaches the 61.8% Fibonacci retracement level. The stars are aligning for a bullish move, with the Stochastic RSI indicating an oversold condition, signaling a potential reversal.
But that's not all! The price is also gearing up to retest the previous day's high, which is likely to be breached as it makes its way towards the 61.8% Fibonacci level. Adding to the bullish case, the price is comfortably positioned above the 8-day Exponential Moving Average (8EMA) on the weekly chart.
Let’s not forget the macro picture. The market has weathered a storm of news this week. With Monday being a national holiday and Federal Reserve Chairman Jerome Powell speaking for two consecutive days, the market has been on edge. However, with Powell's second and final announcement concluded, the air is clear for the market to breathe.
It seems the stage is set for EURUSD to resume its upward trend. This could be the moment we've been waiting for!
Price prediction by the end of the month 1.12$ EUR/USD
Disclaimer: The information provided in this analysis is for educational and informational purposes only and should not be considered as investment or trading advice. Trading and investing in financial markets involve substantial risks, and there is always the potential for loss. Before making any investment decisions, please consult with a financial advisor or do your own research and analysis. Past performance is not indicative of future results.
But that's not all! The price is also gearing up to retest the previous day's high, which is likely to be breached as it makes its way towards the 61.8% Fibonacci level. Adding to the bullish case, the price is comfortably positioned above the 8-day Exponential Moving Average (8EMA) on the weekly chart.
Let’s not forget the macro picture. The market has weathered a storm of news this week. With Monday being a national holiday and Federal Reserve Chairman Jerome Powell speaking for two consecutive days, the market has been on edge. However, with Powell's second and final announcement concluded, the air is clear for the market to breathe.
It seems the stage is set for EURUSD to resume its upward trend. This could be the moment we've been waiting for!
Price prediction by the end of the month 1.12$ EUR/USD
Disclaimer: The information provided in this analysis is for educational and informational purposes only and should not be considered as investment or trading advice. Trading and investing in financial markets involve substantial risks, and there is always the potential for loss. Before making any investment decisions, please consult with a financial advisor or do your own research and analysis. Past performance is not indicative of future results.
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