FX.co ★ EUR/USD

EURUSD Intraday Forecast: I am currently analyzing the price movement of the EUR/USD pair. There are two technical aspects I am considering. First, although it has broken above the 100 level on the H4 timeframe, it has not reached the 161.8 Fibonacci retracement level. Second, there is a correlation with the Swiss franc, indicating localized but bullish market pressure. Therefore, this option seems viable. I am waiting for the market reaction to the release of the US nonfarm payrolls report, as this event is likely to trigger a reaction. It is too early to make a prediction, so I will focus on short-term trades until a significant low or high is reached. I have placed a limit order in the direction of support from the US, where the market average is showing pressure at 1.16413. I will re-evaluate tomorrow morning after today's events, once the market has stabilized. The contraction of the pivot point on Wednesday suggests impending volatility. The decisive factor will be the US Federal Reserve's interest rate announcement, which is the centerpiece of Wednesday's agenda. Yesterday's 45-pip move in EUR/USD indicates position accumulation. Using the 58-period moving average on both the M5 and M15 timeframes has proven effective.

Our outlook on EUR/USD price movement is bullish. We anticipate a rise to 1.16413, but also consider the possibility of another decline targeting the lows between 1.14955 and 1.14705. The 1-hour chart shows the first downtrend target near the 161.8% Fibonacci retracement level, suggesting a potential turning point before a move to 1.16313. Despite the bullish outlook, the 4-hour chart shows an untested lower channel boundary at 1.14773, which is a plausible scenario. A buy on dips is expected after confirmation of the 1.14743 level. The initial target is to test the moving average currently at 1.15653, followed by a selling zone from 1.16053 to 1.16263.