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As of today, Sep 23, 2024, EURUSD is trading at 1.11579 USD, and we have identified two promising intraday trading signals based on this current market price:
Buy Signal: Consider entering a long position near 1.11400, targeting 1.12000, with a stop-loss below 1.11200. This trade takes advantage of recent bullish momentum indicated by RSI divergence and support levels.
Sell Signal: A potential short position can be taken around 1.11750, targeting 1.11000, with a stop-loss at 1.12000. This trade is based on Fibonacci retracement levels and strong resistance above 1.11800.
EURUSD Present Market Analysis Using Technical Indicators
The EURUSD pair has seen consistent volatility in recent sessions, and traders are closely monitoring key technical indicators such as Fibonacci retracement levels, EMA (Exponential Moving Averages), and RSI divergence to gain insights into future price movements. These tools, combined with support and resistance levels, weekly pivots, and smart money concepts (SMC), provide a well-rounded approach to analyzing the current EURUSD market dynamics.
Starting with Fibonacci levels, the recent retracement from the 1.12000 high aligns with the 50% retracement at 1.11450, offering a potential buying opportunity around this level. The 61.8% Fibonacci level at 1.11300 will be crucial as a deeper support if the price breaks below the 1.11400 range.
EMA analysis: provides further clarity. On the daily timeframe, EURUSD is trading above the 100 EMA at 1.11200 and the 200 EMA at 1.10800, indicating a bullish trend. The 400 EMA near 1.10300 is acting as a long-term support level, showing that even in the event of a pullback, buyers may step in around this zone to push prices higher. On the 4-hour chart, the 100 EMA at 1.11500 is currently being tested, providing immediate intraday support.
RSI (Relative Strength Index): shows a divergence between price action and momentum. While EURUSD has been making lower lows, RSI has been showing higher lows on the 4-hour chart, signaling a potential reversal in favor of the bulls.
Weekly pivot points: Are key levels to watch in intraday trading. The weekly pivot at 1.11500 is significant for today’s trading, acting as a key support level. A break below this pivot could lead to a further decline towards the support pivot at 1.11000. On the upside, resistance pivots are at 1.11800 and 1.12000, aligning with key Fibonacci levels.
Support and resistance levels: Immediate support for EURUSD is found at 1.11400, which coincides with the 50% Fibonacci level, and the next key support is at 1.11000, which aligns with the 100 EMA on the 4-hour chart. Resistance levels include 1.11800, which coincides with the 61.8% Fibonacci retracement, and 1.12000, a psychological round number and resistance pivot.
From an SMC (smart money concept) perspective, liquidity zones are being watched closely by institutional traders. A breakout above 1.12000 could signal a shift in market sentiment, with the potential for larger market moves driven by institutional buying.
Key Levels Summary for EURUSD:
Daily Support Levels: 1.11400, 1.11000
Daily Resistance Levels: 1.11800, 1.12000
4H Time Frame Key Levels: Support at 1.11500 (100 EMA), Resistance at 1.11750
Fibonacci Levels: 50% at 1.11450, 61.8% at 1.11300
Daily/Weekly Pivots: 1.11500 (pivot), 1.11000 (support pivot), 1.11800 (resistance pivot)
EMA Levels: 100 EMA at 1.11200, 200 EMA at 1.10800, 400 EMA at 1.10300
FAQs:
What are Forex trading signals? Forex trading signals are actionable trade recommendations provided by market analysts or automated systems, indicating when to buy or sell a currency pair.
How can I get free Forex signals in Dubai, Singapore, and India? You can access free Forex trading signals by joining platforms such as Kohinoor Free VIP Gold Forex Crypto Trading, where experts share real-time trade setups via WhatsApp.
What is the best indicator for Forex signals?
Indicators like Fibonacci retracement, EMA, RSI divergence, and support/resistance levels are widely used by expert traders to generate accurate trading signals.
How do Forex signals help in Forex signals help traders by providing entry, exit, and stop-loss levels based on technical analysis, allowing for more informed decision-making in volatile markets.
Is it safe to follow Forex signals for live trading? Forex signals can be helpful, but it’s essential to manage risk and apply your own analysis alongside any signals provided for safer trading.
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