Trading Signal for EUR/USD for September 6-7, 2023: buy above 1.0700 (rebound- 21 SMA)
September 6, 2023 4:24 pm
Early in the American session, EUR/USD is trading around 1.0734 above the 21 SMA within the downtrend channel formed since August 29. In the H-1 chart, we can see that the euro is consolidating above 1.07 which means that a recovery could occur in the next few hours. If the euro decisively breaks the downtrend channel and consolidates above 1.0765, the outlook could be positive for the euro.
In the chart, we can see that the euro is going through a technical correction from the high of 1.0945 and the low of 1.0705. Finally, the price could reach the 23% Fibonacci level located at 1.0760. If the price exceeds this level, it could reach the 61.8% Fibonacci located at 1.0853.
The key for the next few hours is to wait for the euro to trade above 1.07, consolidate above 1.0728 (21 SMA), and above the 0/8 Murray at 1.0745. If this scenario occurs, this could encourage the bulls and we could expect a recovery of the euro so that it could reach the top of the bearish channel at 1.0760.
Additionally, if a sharp break above 1.0760 occurs, we could see a break of the downtrend channel that would favor a new bullish sequence and the instrument could reach the 200 EMA located at 1.0808.
If EUR/USD accelerates its losses, it could reach -1/8 Murray at 1.0681. If this level is broken, the pair could reach the low of May 31 at 1.0635. EUR/USD could fight for a recovery if it keeps trading above 1.07. However, below the psychological level of 1.10 continues to favor further short-term losses.
The eagle indicator has been in the oversold zone since September 1st. It means an opportunity to buy if the euro trades above 1.07 with targets at 1.0808 (200 EMA) and 1.0864 (1.0864).
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, EUR/USD is trading around 1.0734 above the 21 SMA within the downtrend channel formed since August 29. In the H-1 chart, we can see that the euro is consolidating above 1.07 which means that a recovery could occur in the next few hours. If the euro decisively breaks the downtrend channel and consolidates above 1.0765, the outlook could be positive for the euro.
In the chart, we can see that the euro is going through a technical correction from the high of 1.0945 and the low of 1.0705. Finally, the price could reach the 23% Fibonacci level located at 1.0760. If the price exceeds this level, it could reach the 61.8% Fibonacci located at 1.0853.
The key for the next few hours is to wait for the euro to trade above 1.07, consolidate above 1.0728 (21 SMA), and above the 0/8 Murray at 1.0745. If this scenario occurs, this could encourage the bulls and we could expect a recovery of the euro so that it could reach the top of the bearish channel at 1.0760.
Additionally, if a sharp break above 1.0760 occurs, we could see a break of the downtrend channel that would favor a new bullish sequence and the instrument could reach the 200 EMA located at 1.0808.
If EUR/USD accelerates its losses, it could reach -1/8 Murray at 1.0681. If this level is broken, the pair could reach the low of May 31 at 1.0635. EUR/USD could fight for a recovery if it keeps trading above 1.07. However, below the psychological level of 1.10 continues to favor further short-term losses.
The eagle indicator has been in the oversold zone since September 1st. It means an opportunity to buy if the euro trades above 1.07 with targets at 1.0808 (200 EMA) and 1.0864 (1.0864).
The material has been provided by InstaForex Company – www.instaforex.com
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