EUR/USD Forecast Today 11/10: Tests Support Level (Chart)
Date
10/11/2024 4:20:55 AM
(MENAFN- Daily Forex)
During my daily analysis of the EUR/USD pair, I noticed that we are at a couple of major areas that could come into the picture and offer a bit of volatility. This does make a certain amount of sense considering that the CPI numbers in the United States came out slightly higher than expected, so I think you have a situation where traders are simply trying to sort out where they are going to go next. I think that the next 24 hours could be very messy to say the least.
Technical Analysis
The technical analysis for this pair does make me believe that there are buyers coming sooner rather than later, but at this point in time I think you've got a situation where there is some questions to be asked of the fundamental analysis. As far as the charges are concerned, it is worth noting that the market dropped toward the 200 Day EMA, but then turned around to show signs of life. Because of this, the market has the look of a market that could form a bit of a hammer. All things being equal, the market bouncing from here could open up the possibility of a move to the 1.10 level, which of course is a large, round, psychologically significant figure. Above there, we have the 1.1040 level where the 50 Day EMA comes into the picture, and it would offer a little bit of technical resistance.
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If we were to break down below the 1.09 level, then I think the euro is in serious trouble, but until that actually happens on a daily close, I think we are more likely than not to see some type of bounce in this market, because quite frankly at this point, we are been oversold. I have no interest in trying to get too cute with this, but I do recognize that the short term probably favors the overall upside more than anything else, at least for a quick recovery bounce.
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