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EURUSD Daily Market Analysis 4th Oct 2024 by Kohinoor Free VIP Signals

Kohinoor Free VIP Trading Signals

Updated: Oct 7, 2024

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Intraday Signals (EURUSD)

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📊 Signal 1: EURUSD Buy Setup

  • Trade Entry: Buy at 1.10250

  • Stop Loss: 1.10050

  • Take Profit 1: 1.10500

  • Take Profit 2: 1.10750


📊 Signal 2: EURUSD Sell Setup

  • Trade Entry: Sell at 1.10550

  • Stop Loss: 1.10750

  • Take Profit 1: 1.10300

  • Take Profit 2: 1.10050

Disclaimer: Not Financial Advice. Trade at your own Risk. Take Partial Profits, Strictly Use Stop Loss and Proper Risk Management.


EURUSD Market Analysis

Overview of EURUSD

The EURUSD pair is currently trading at 1.10293, showing mixed market sentiment due to upcoming U.S. economic data releases. Traders should be cautious, particularly with the upcoming Non-Farm Payroll (NFP) data expected this week.


Key Technical Indicators Analysis

1. Support and Resistance Levels

  • Daily Support Levels:

    • 1.10000

    • 1.09750


  • Daily Resistance Levels:

    • 1.10550

    • 1.10800

On the 4-hour timeframe, support at 1.10000 is significant, while resistance at 1.10550 remains a challenge for bulls.


2. Fibonacci Retracement Levels

  • Swing High: 1.11000

  • Swing Low: 1.09500

  • 38.2% Retracement: 1.10320

  • 61.8% Retracement: 1.10550


These levels provide strong confluence with key support and resistance zones for intraday trading.


3. Exponential Moving Averages (EMA)

  • Daily Timeframe

    • 50 EMA: 1.10200

    • 100 EMA: 1.10500

    • 200 EMA: 1.10800

    • 400 EMA: 1.11350


  • 4-Hour Timeframe

    • 50 EMA: 1.10300

    • 100 EMA: 1.10570

    • 200 EMA: 1.10850

    • 400 EMA: 1.11050


4. RSI Divergence

The RSI is showing mild bullish divergence on the 4-hour chart, indicating potential upward momentum if the pair breaks above the 1.10550 resistance.

5. Order Blocks and Smart Money Concepts (SMC)

  • A bullish order block is forming near 1.10000, creating a strong buying interest zone.

  • Bears are accumulating positions around 1.10800, where we expect a reversal if the price reaches this level.

6. MACD

The MACD shows a convergence on the daily chart, signaling potential consolidation before a breakout, with a bullish crossover likely above 1.10550.

Fundamental Analysis & USD News Impact

🔍 This week's major focus is the Non-Farm Payroll (NFP) report, expected on Friday, which could lead to increased volatility in EURUSD. Traders should also watch out for ISM Manufacturing PMI and FOMC minutes, which may influence the USD, indirectly impacting EURUSD movement.

Daily Analysis Summary by Kohinoor Free VIP Signals

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📍 Key Levels

  • Daily Support: 1.10000, 1.09750

  • Daily Resistance: 1.10550, 1.10800

  • Fibonacci Levels: 1.10320 (38.2%), 1.10550 (61.8%)

  • EMA Levels:

    • Daily: 50 EMA (1.10200), 100 EMA (1.10500), 200 EMA (1.10800), 400 EMA (1.11350)

    • 4-Hour: 50 EMA (1.10300), 100 EMA (1.10570), 200 EMA (1.10850), 400 EMA (1.11050)

  • MACD Crossover: Expected around 1.10550

  • RSI Divergence: Bullish on 4-hour chart

FAQs:

1. Why is Kohinoor Free VIP Signals the Best Signal Provider?

Kohinoor Free VIP Signals offers FREE Forex and Gold signals, educational resources, daily analysis, and trading eBooks to help traders improve their performance.

2. Which Brokers are Trusted for Gold Forex Crypto Trading?

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3.What Time Does the XAUUSD Market Open Today?

The XAUUSD (Gold) market opens on Sunday at 5:00 PM EST (10:00 PM GMT) and closes on Friday at 5:00 PM EST. It is open 24 hours during the trading week.

4.What is the XAUUSD Market Opening Time in UAE?

In the UAE (Dubai), the XAUUSD market opens on Sunday at 1:00 AM GST and closes on Friday at 1:00 AM GST.

5.How to Use TradingView for Gold (XAUUSD) Technical Analysis?

On TradingView, select the XAUUSD chart, add indicators like Fibonacci retracement, EMA, and RSI, and mark support and resistance levels to analyze potential price movements effectively. Follow Kohinoor Free VIP Signals for expert insights.


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