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EURUSD Daily Market Analysis 17th Oct 2024 by K9 Investments Trading

Writer: K9 InvestmentsK9 Investments
Oct 17, 20244 min read

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 current market price of 1.08536 USD


Intraday Signals for EURUSD

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Signal 1:

  • Buy Entry: 1.08350

  • Stop Loss: 1.08120

  • Take Profit 1: 1.08800

  • Take Profit 2: 1.09050

Signal 2:

  • Sell Entry: 1.08920

  • Stop Loss: 1.09200

  • Take Profit 1: 1.08450

  • Take Profit 2: 1.08100

🔹 These signals are based on key Fibonacci retracement levels and support and resistance points visible on the daily and 4-hour timeframes.

Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital, and you should only trade with money you can afford to lose. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss, and Proper Risk Management.


EURUSD Market Analysis – Daily & 4-Hour Time FramesOverview

The EURUSD pair is trading near 1.08536, showing mixed momentum as market participants await key USD news releases this week. The pair remains range-bound between major support and resistance levels.

Technical Indicators Analysis

1. Support & Resistance Levels

  • Daily Support: 1.08250

  • Daily Resistance: 1.08950

  • 4-Hour Support: 1.08300

  • 4-Hour Resistance: 1.08880

2. Fibonacci Retracement Levels

Using the recent high at 1.09500 and the low at 1.08050, the key Fibonacci levels for the day are:

  • 23.6% Retracement: 1.08480

  • 38.2% Retracement: 1.08700

  • 61.8% Retracement: 1.08930

3. Exponential Moving Averages (EMA)

On the Daily Time Frame:

  • 50 EMA: 1.08450

  • 100 EMA: 1.08750

  • 200 EMA: 1.08900

  • 400 EMA: 1.09300

On the 4-Hour Time Frame:

  • 50 EMA: 1.08320

  • 100 EMA: 1.08620

  • 200 EMA: 1.08920

  • 400 EMA: 1.09150

4. RSI Divergence

The RSI (Relative Strength Index) on the 4-hour chart indicates a mild bullish divergence, suggesting that a reversal from the 1.08300 support level could push prices toward 1.08880 in the short term.

5. Order Blocks

Notable order blocks are visible around 1.08250 (demand) and 1.08950 (supply), highlighting potential areas where large market participants might enter positions.

6. MACD Analysis

The MACD histogram on the daily chart shows decreasing bearish momentum, with the signal line approaching a potential crossover. This could signal a bullish move in the upcoming sessions if confirmed by price action.

Fundamental Analysis

📉 Upcoming USD News Events:

  • Federal Reserve Meeting Minutes – Expected later this week. Any hints toward monetary tightening could result in EURUSD volatility.

  • US Consumer Price Index (CPI) – Scheduled for release next week, this is a key indicator for inflation trends, and could significantly impact the USD’s strength against the Euro. Traders should remain cautious as volatility may increase around these events, potentially affecting EURUSD price action.

Daily Analysis Summary by K9 Investments Trading www.k9investmentstrading.com

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EURUSD

📊 Key Levels:

  • Daily Support: 1.08250

  • Daily Resistance: 1.08950

  • 4-Hour Support: 1.08300

  • 4-Hour Resistance: 1.08880

EMA Levels on Daily Time Frame:

  • 50 EMA: 1.08450

  • 100 EMA: 1.08750

  • 200 EMA: 1.08900

  • 400 EMA: 1.09300

EMA Levels on 4-Hour Time Frame:

  • 50 EMA: 1.08320

  • 100 EMA: 1.08620

  • 200 EMA: 1.08920

  • 400 EMA: 1.09150

Weekly Pivots:

  • R1: 1.09100

  • Pivot: 1.08650

  • S1: 1.08350

Daily Pivots:

  • R1: 1.08800

  • Pivot: 1.08550

  • S1: 1.08300

Fibonacci Retracement Levels:

  • 23.6%: 1.08480

  • 38.2%: 1.08700

  • 61.8%: 1.08930

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