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EUR/USD Technical Analysis - EUR/USD Trading: 2023-12-15
EUR/USD Technical Analysis Summary
Above 1.1008
Buy Stop
Below 1.0905
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
EUR/USD Chart Analysis
EUR/USD Technical Analysis
The technical analysis of the EURUSD price chart on 4-hour timeframe shows EURUSD,H4 is retracing down toward the 200-period moving average MA(200) following a rebound to two-week high yesterday after hitting a one-month low a week ago. RSI has entered into overbought zone. We believe the bullish momentum will resume after the price breaches above the upper bound of the Donchian channel at 1.1008. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.0905. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - EUR/USD
Euro area industrial output continued contracting in October. Will the EURUSD price resume retreating?
Euro area industrial output continued contracting in October. The report of Eurostat, the statistical office of the European Union, showed the euro area Industrial Production fell 0.7% over moth in October after 1% drop in September, when a 0.3% decline was expected. Among the main industrial groups capital goods led the declines while production of energy led gains. Falling euro area industrial output is bearish for euro and hence for EURUSD. However, the current setup is bullish for the currency pair.
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