EUR/USD H4 chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
EUR/USD: Riding the Bullish Wave Amidst Market Shuffles
The EUR/USD pair continues its bullish trajectory, reinforcing the outlook from our previous analysis. After a brief consolidation in a range area with a minor setback, the market has opened with a fresh bullish impulse for the EUR. This surge aligns harmoniously with the retest of the 200 Moving Average and the pivotal 50% – 61.8% Fibonacci area. Notably, the price has left behind the oversold RSI condition, signaling its readiness to grow. Our forecast remains bullish, anticipating the creation of new higher highs.
In tandem with these technical movements, the US economic docket for Wednesday lacks high-impact data releases. Instead, market participants will be closely monitoring the 10-year US Treasury note auction. Following a decline from 4.61% in October to 4.5% and 4.29% in November and December, respectively, the upcoming auction holds significance. Should the high-yield fall below 4% in the January auction, the USD may face renewed bearish pressure, potentially aiding EUR/USD in gaining traction. The stage is set for an intriguing interplay between market dynamics and economic indicators.
EUR/USD Forex chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
Short-Term Setup | Our preference:
Long positions above 1.0770 with targets at 1.1140 & 1.1200 in extension.
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