Forex analytics and overview

EUR/USD Tries To Break The Downtrend

2022.10.25 12:53


FxPro Financial Services Ltd

continues to draw an almost perfect downward trend. Since the end of February, the 50-day moving average has repeatedly acted as resistance. This week we see another test of this line, which has fallen to the area of 0.9900.

EUR/USD daily chart.

It is still difficult to find hard data supporting a reversal, but there is no such thing as a no-trend in the key currency pairs, so forex traders are keeping a close eye on various reversal signals.

On Tuesday, EUR/USD broke above 0.99, where the 50-day moving average is located. And now all eyes are on whether it will manage to stay above this signal line.

The bulls also have a local rising trend that has been formed in the pair since the end of September. The daily charts clearly show how the buyers support the EUR from higher and higher levels.

EURUSD above parity would signal a strong start of a full-scale correctionEURUSD above parity would signal a strong start of a full-scale correction

Another important signal of a trend break is the 1.0 level, which is a psychologically crucial round level, the area of the highs in early October, and a significant support area from mid-July to the end of September.

A return of the EUR/USD above parity would signal a strong start of a full-scale correction (at least), with a potential target of 1.06 (61.8% of the May 2021-September 2022 decline). This is also a significant breakout area for the pair in March 2020 and May-June 2022.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,149.49 2.21%
ethereum
Ethereum (ETH) $ 3,279.40 1.82%
tether
Tether (USDT) $ 0.999567 0.01%
xrp
XRP (XRP) $ 2.20 1.66%
bnb
BNB (BNB) $ 649.06 2.23%
solana
Solana (SOL) $ 180.05 0.55%
dogecoin
Dogecoin (DOGE) $ 0.312346 2.26%
usd-coin
USDC (USDC) $ 1.00 0.04%
staked-ether
Lido Staked Ether (STETH) $ 3,273.28 1.71%
cardano
Cardano (ADA) $ 0.882382 1.93%
tron
TRON (TRX) $ 0.244033 0.19%
avalanche-2
Avalanche (AVAX) $ 36.55 2.16%
chainlink
Chainlink (LINK) $ 22.04 0.30%
the-open-network
Toncoin (TON) $ 5.38 1.54%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,898.21 1.22%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,111.48 1.91%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 0.94%
sui
Sui (SUI) $ 4.31 1.49%
stellar
Stellar (XLM) $ 0.35605 0.40%
polkadot
Polkadot (DOT) $ 6.83 1.71%
hedera-hashgraph
Hedera (HBAR) $ 0.26498 4.46%
hyperliquid
Hyperliquid (HYPE) $ 27.73 13.70%
weth
WETH (WETH) $ 3,278.46 1.59%
bitcoin-cash
Bitcoin Cash (BCH) $ 445.21 2.41%
leo-token
LEO Token (LEO) $ 9.36 0.37%
uniswap
Uniswap (UNI) $ 13.90 4.16%
litecoin
Litecoin (LTC) $ 99.60 1.44%
pepe
Pepe (PEPE) $ 0.000018 2.16%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,459.18 1.73%
near
NEAR Protocol (NEAR) $ 5.03 0.31%
ethena-usde
Ethena USDe (USDE) $ 0.999356 0.12%
bitget-token
Bitget Token (BGB) $ 4.14 0.06%
usds
USDS (USDS) $ 1.00 0.22%
aptos
Aptos (APT) $ 9.20 2.95%
aave
Aave (AAVE) $ 317.66 6.27%
internet-computer
Internet Computer (ICP) $ 9.91 1.30%
crypto-com-chain
Cronos (CRO) $ 0.15377 2.06%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.472584 0.11%
mantle
Mantle (MNT) $ 1.16 0.06%
ethereum-classic
Ethereum Classic (ETC) $ 25.98 0.11%
vechain
VeChain (VET) $ 0.045692 1.09%
render-token
Render (RENDER) $ 7.02 0.99%
whitebit
WhiteBIT Coin (WBT) $ 24.37 0.53%
mantra-dao
MANTRA (OM) $ 3.68 0.40%
monero
Monero (XMR) $ 190.58 4.32%
dai
Dai (DAI) $ 1.00 0.01%
bittensor
Bittensor (TAO) $ 449.57 1.28%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.25 0.78%
arbitrum
Arbitrum (ARB) $ 0.745622 0.04%
ethena
Ethena (ENA) $ 1.03 1.44%