FX.co ★ NexusTrader | EUR/USD

EURUSD Intraday Analysis: We will analyze the EUR/USD currency pair's price action today. The current situation for the currency pair has remained unchanged since the opening of the Forex market. EURUSD hit 1.16339, excluding the spread, and displayed a pin bar through the Price Action method, indicating a slow downward movement. This simple cue and the nearest support present transaction-holding potential, subject to additional filters and conditions. There isn't any significant news for both the dollar and the euro in the economic calendar, so relying on intraday pivots for successful scalping and normalizing distances post strong impulses is recommended. The levels have been likely on the daily chart, and according to the plan, buyers should take the first one in the remaining time of day trading. I don't expect a test of the highest zone by the end of the week, but they should take the penultimate one. The bullish component in the trend formation is complete, and we can now confidently say that the advantage within the trend will be on the bulls' side. The Bulls have already updated their maximum from the previous day. A natural technical correction aligns with the conditions developed.

Especially after a comprehensive analysis of the daily chart using the Fibonacci grid on H1, shifting focus to 38.2 after a range of 100-161.8. Anticipation surrounds the American trading session post-17:00 Moscow time, seeking potential movements driven by speculative interest. The wave structure ascends orderly, with the MACD indicator rising in the upper buy zone beyond its signal line, meeting horizontal resistance at 1.16339 while exhibiting bearish divergence on the CCI indicator. Such price divergence at the support level suggests a forthcoming downward pressure, initially targeting 1.15906, potentially leading to a decline towards 1.15326, aligning with the ascending line along the bottoms.