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EURUSD Daily Market Analysis – 8th Oct 2024 by K9 Investments Trading

Writer's picture: K9 InvestmentsK9 Investments

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Today's live EURUSD price is 1.09860 USD, and we're observing strong intraday movement. Based on our analysis, two actionable trading setups have emerged:

Intraday Trading Signals(EURUSD) www.k9investmentstrading.com 🥇 Join our FREE Telegram Channel: @K9_Investments_GoldTrading

Buy Signal

  • Trade Entry: 1.09600

  • Stop Loss: 1.09350

  • Take Profit 1: 1.10050

  • Take Profit 2: 1.10200

Sell Signal

  • Trade Entry: 1.10200

  • Stop Loss: 1.10450

  • Take Profit 1: 1.09850

  • Take Profit 2: 1.09600

Disclaimer: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. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss, and Proper Risk Management.


Market Analysis EURUSD Technical Overview

The EURUSD market is currently displaying notable fluctuations due to key technical levels. Using indicators such as Fibonacci retracement levels, EMAs, RSI divergence, and support & resistance zones, we will break down the market analysis based on daily and 4-hour time frames.

Support and Resistance Levels
  • Daily Support: 1.09650

  • Daily Resistance: 1.10200

  • 4-Hour Support: 1.09550

  • 4-Hour Resistance: 1.10000

The key support and resistance levels show strong confluence with the Fibonacci retracement zones, giving us clearer insights for potential reversals or continuations in the trend.

Fibonacci Retracement Levels
  • 61.8% Retracement (Daily Swing): 1.09720

  • 38.2% Retracement (Daily Swing): 1.10230

  • 23.6% Retracement (Daily Swing): 1.10400

Exponential Moving Averages (EMA)

On both the daily and 4-hour charts, key EMA levels are influencing price movements:

Daily EMA Levels:

  • 50 EMA: 1.09800

  • 100 EMA: 1.09450

  • 200 EMA: 1.09000

  • 400 EMA: 1.08450

4-Hour EMA Levels:

  • 50 EMA: 1.09780

  • 100 EMA: 1.09500

  • 200 EMA: 1.09250

  • 400 EMA: 1.08600

As seen, price action is currently between the 50 EMA and 100 EMA on both daily and 4-hour charts. This positioning indicates a potential reversal or consolidation in upcoming sessions.

RSI Divergence

On the daily chart, the RSI has shown clear divergence, signaling a weakening in the current upward trend. If this continues, we may expect a sell-off in the next few sessions, testing the support levels near 1.09650.

Smart Money Concepts (SMC) and Order Blocks

We’ve identified a significant bearish order block around 1.10400, which has consistently acted as a reversal point. Any break above this level could indicate the start of a new bullish trend, targeting 1.10800.

MACD Analysis

The MACD on both the daily and 4-hour charts shows a bearish crossover, further signaling short-term downward pressure. Traders should be cautious of a potential dip toward the key support levels.

Fundamental Analysis

Upcoming USD News

This week, we are anticipating the release of key U.S. CPI data on October 12, which is expected to impact EURUSD volatility. Any stronger-than-expected inflation data could further strengthen the U.S. dollar, pushing EURUSD lower. Traders should be alert for these data releases as they could influence the market significantly.

💡Daily Analysis Summary by K9 investments Trading

EURUSD

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Key Levels Summary

  • Daily Support: 1.09650

  • Daily Resistance: 1.10200

  • 4-Hour Support: 1.09550

  • 4-Hour Resistance: 1.10000

  • Daily EMA Levels: 50 EMA – 1.09800, 100 EMA – 1.09450, 200 EMA – 1.09000, 400 EMA – 1.08450

  • 4-Hour EMA Levels: 50 EMA – 1.09780, 100 EMA – 1.09500, 200 EMA – 1.09250, 400 EMA – 1.08600

  • Weekly Pivots: 1.09920, 1.09630, 1.10350

  • Daily Pivots: 1.09860, 1.10050, 1.09500

Fibonacci Levels: 61.8% (1.09720), 38.2% (1.10230), 23.6% (1.10400)

FAQs

1. What are Forex signals? Forex signals are trade recommendations provided by analysts or automated systems that suggest optimal entry and exit points in the Forex market based on market analysis.

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6. Do Forex trading signals guarantee profits? No, Forex trading signals do not guarantee profits. They are designed to help traders make informed decisions, but market risks always exist.

7. Are Forex signals suitable for beginners? Yes, Forex signals can be helpful for beginners by providing trade ideas and strategies, but understanding the basics of Forex trading is essential for proper use.

8. How often do Forex trading signals get updated? The frequency of Forex trading signals depends on market conditions. Providers like K9 Investments offer daily updates with live setups and analysis to stay on top of market movements.


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