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Best Forex Technical Analysis By Capital Street FX


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Daily FX Analysis – Explore forex as major pairs rally, and await data.

 

Introduction

EUR/USD climbs above 1.0850 in the European session amid a cautiously optimistic market sentiment ahead of Fed Chair Powell’s testimony and US jobs data. Investors await the EU Retail Sales report as they tread carefully before key macroeconomic events. GBP/USD regains momentum above 1.2700, anticipating UK Chancellor Jeremy Hunt’s Budget Report, while USD/CAD eyes the BoC rate decision. The Australian Dollar rebounds despite weaker GDP data, influenced by fluctuations in the S&P/ASX 200 Index and developments in the US Dollar and Fed Powell’s testimony.

 

Markets In Focus Today – EUR/USD

EUR/USD Rises Above 1.0850 Ahead Of US Data, Fed’s Powell.

EUR/USD is picking up fresh bids above 1.0850 in European trading on Wednesday, as the US Dollar licks its wounds amid a cautiously optimistic market mood ahead of Fed Chair Powell’s testimony and US jobs data. EU Retail Sales report is eyed as well. EUR/USD trades in a tight channel above 1.0850 in the European morning on Wednesday as investors move to the sidelines ahead of key macroeconomic events. Although EUR/USD edged higher during the European trading hours on Tuesday, it failed to gather bullish momentum in the second half of the day as the US Dollar (USD) benefited from the souring market mood.

 

Technical   Overview With Chart :

24-03-05_23-35-46_EURUSD-1024x342.png

Moving Averages :

Exponential :

  • MA 10 : 1.0837 | Positive Crossover | Bullish
  • MA 20 : 1.0827 | Positive Crossover | Bullish
  • MA 50 : 1.0836 | Positive Crossover | Bullish

Simple :

  • MA 10 : 1.0839 | Positive Crossover | Bullish
  • MA 20 : 1.0805 | Positive Crossover | Bullish
  • MA 50 : 1.0859 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.0348 | Buy Zone | Bullish

 

Stochastic   Oscillator : 82.4103 | Buy Zone | Neutral

 

Resistance   And Support Levels :

  • R1 : 1.0876 R2 : 1.0924
  • S1 : 1.0722 S2 : 1.0674

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 1.0858 | Take Profit: 1.0913 | Stop Loss: 1.0822

 

GBP/USD

 

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