Forex Analysis: EURUSD (Euro Dollar) day trading options. In this analysis, we have used “WD Gann Intraday Pivot Indicator” for Metatrader 4 trading platform. For all technical trend analysis, we have used “SFX multi pair trend dashboard indicator“.
EURUSD Chart Analysis:
As we can see in the 5 Minutes chart, EURUSD is floating inside a triple top & triple bottom 65 pips range. We can see market sharply created a day low around 1.2384 (Minor Support Level, S1). This is typically a range market. The lower end of this range is at 1.2337 (which is also a double bottom). Current price formation is also a head and shoulder pattern.
Trend dashboard showing all up, ADX is weak bullish, Bollinger band bullish, Parabolic SAR, Ichimoku & moving average is bullish.
Upcoming Forex News Release:
In next, 130 minutes there is a major red news coming for US Dollar (ISM Manufacturing PMI).
If market moved above 1.2474 last day top or break Major Resistance R1 1.2468 zone, then we will be looking forward to buy with bullish breakout until 1.2495 & 1.2525, both are major & minor R2. There is previous top around 1.2536. Thus making the 1.2494 to 1.2536 zone an important buy target. Else we will be looking forward to sell below 1.2440 until 1.2384 & if the market breaks 1.2384 (triple bottom) then it will go far towards 1.2329 zone.
As news release is coming in next 130 minutes, so until that most probably EURUSD will stay within the range. After that, it can break the range.