Decentralized Forex, without broker, the analysis of the moment. Discover the technical analysis of the moment for the EUR/USD.
Decentralized Forex Trading, what influences the price, what you should not ignore before starting to trade EUR/USD?
That’s what we’ll see a little later in this article, but let’s start with the basics.
Decentralized Forex Trading, basic information:
Here are the elements that can influence the price of this asset
1. The economic health of the Eurozone and the United States. Studying or having a good knowledge of the economic and financial data of these two zones is essential, including the data of their two respective central banks.
2. The geo-political situation, the most impactful current events that could be positive or negative for the economy and finances of these two zones.
3. The relationship between the two zones is also very important. Indeed, trade agreements or conflicts between these two zones can also influence the price of this currency pair.
4. The technical analysis, purely graphical, that offers the pair EUR / USD is also very important and this is what is proposed below
Technical analysis EUR/USD
Decentralized Forex Trading with EUR/USD, what is happening now?
The EUR/USD is currently trading at 1.066, it stopped its decline at around 1.036 and reached the current price gradually increasing but not going back down, which is rather positive for buyers.
It should not be forgotten that the huge drop that has just happened, comes during one of the biggest collapses in history in the financial markets, all asset classes combined.
The pair’s decline began in January 2021, although a more pronounced bearish tilt developed in May and saw the fall accelerate.
While there appears to be a directional bias, a positive divergence in the RSI could indicate a reversal ahead.
However, it should be noted that a phenomenon observed in one indicator is not a guaranteed prediction of a specific outcome.
What does this mean in the current situation?
Quite simply, that the downtrend in the EUR/USD may be coming to an end, at least for the time being. In order to start moving up again, the approaching resistance zone would of course have to be broken.
Decentralized Forex Trading with EUR/USD, summary of the technical analysis of the moment:
Things to remember:
Pivot point: 1.0788
My preference: position below 1.0788 and 1.067 in extension.
Alternative scenario: above 1.0800, aim for further upside with 1.0927 & 1.1151 in sight.
In the short term, the next target is $1.0920. A breach of this threshold would allow the price to regain the psychological threshold of $1.1000. However, it is still too early to suggest a bullish recovery, worse, the bearish scenario is strengthening right now.
On the downside, the 1.040 area could be reached without too much difficulty if the trend continues. This is a major support.
Short, medium and long term support is at: 1,04.
It is therefore a major support that must absolutely hold, otherwise, we go straight to the parity.
The short, medium and long term resistance is at: 1.06 – 1.08 – 1.11
It is imperative that the 1.062 area becomes a solid support, if we want to seriously stop the decline and ensure that we can more easily break the resistance located in the 1.078 area
Decentralized Forex trading, important information:
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