Main Quotes Calendar Forum
flag

FX.co ★ Trading Signal for EUR/USD for September 29-30, 2022: buy above 0.9687 (-1/8 Murray - double bottom)

parent
Forex Analysis:::2022-09-29T15:33:17

Trading Signal for EUR/USD for September 29-30, 2022: buy above 0.9687 (-1/8 Murray - double bottom)

Trading Signal for EUR/USD for September 29-30, 2022: buy above 0.9687 (-1/8 Murray - double bottom)

Early in the American session, the Euro is trading around 0.9687 and is bouncing after finding support at the -1/8 Murray level which coincides with the 21 SMA.

In the 4-hour chart, we can see the formation of a double bottom around -2/8 Murray. This is a positive sign for the euro. It is likely that in the next few days EUR/USD will continue to rise and could reach the top of the bearish channel which has been underway since the beginning of September.

In case the bullish force continues, buyers are likely to view the pair as a short-term target. On the other hand, the Euro could find strong resistance around the 200 EMA located at 0.9943. Both levels could be signs of exhaustion and the price around this area is likely to be seen as a signal to sell.

On the 4-hour chart, we can see that the Euro is trading above the 21 SMA and above -1/8 Murray. This Murray line represents a reversal zone. As long as the Euro remains above this level, it is likely that there could be a recovery in the coming hours and EUR/USD could reach 0/8 Murray at 0.9765 and even reach the top of the downtrend channel at 0.9795.

Our trading plan for the next few hours is to buy the EUR/UD pair around 0.9687, with 0/8 Murray targets at 0.9765 and 0.9800. The eagle indicator is giving a positive signal which supports our bullish strategy.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...