EURUSD Daily Market Analysis - Sep 24, 2024 by K9 Investments Trading

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Intraday Signals for EURUSD:

• Buy Signal: Buy EURUSD at 1.11200, with a target of 1.11600 and a stop loss at 1.10900.

• Sell Signal: Sell EURUSD at 1.11000, with a target of 1.10600 and a stop loss at 1.11300.

  
  

EURUSD Technical Market Analysis:

As of September 24, 2024, the EURUSD pair is trading at 1.11136 USD. The current market sentiment indicates a possible consolidation phase after recent volatility. Let’s dive into an in-depth technical analysis using essential tools like Fibonacci retracement, Exponential Moving Averages (EMA), Relative Strength Index (RSI) divergence, weekly pivots, Smart Money Concepts (SMC), and key support and resistance levels to outline potential price movement and trade setups for intraday traders.

Fibonacci Retracement:

The EURUSD is hovering around a key Fibonacci level, retracing from its recent highs near 1.1200. The 38.2% Fibonacci retracement level lies at 1.11150, which coincides with the current market price, acting as immediate support. Should the price breach this level, the next retracement level at 1.10600 (61.8%) could be tested, offering a selling opportunity. A bullish reversal above 1.11500 (23.6%) would open doors for upward momentum toward the 1.1200 level.

EMA Strategy:

The 100 EMA sits at 1.11050, acting as short-term support. The 200 EMA is positioned around 1.10700, while the 400 EMA is further below at 1.10200, marking deeper support areas. A break above the 100 EMA could lead to bullish momentum, while failure to hold it might send EURUSD towards the 200 EMA. Traders should look for potential price action confirmation near these levels for either buy or sell trades.

RSI Divergence:

On the 4-hour chart, the RSI is currently showing slight bullish divergence. While the price makes lower lows, the RSI is showing higher lows, signaling potential upside in the near term. However, traders should monitor the RSI breaking below 40 for a potential sell-off or a reversal around the 60 level for bullish continuation.

Weekly Pivots and Smart Money Concepts (SMC):

The weekly pivot point is located at 1.11250, which closely aligns with today’s price. A break above this level will likely lead the pair to test the first resistance (R1) at 1.11600. On the downside, the support level (S1) is marked at 1.10750, offering a possible selling opportunity. From an SMC perspective, recent liquidity grabs below the 1.11000 level indicate smart money’s accumulation phase, suggesting that a significant move could be imminent.

Support and Resistance Levels:

• Daily Support: 1.10600, 1.11000

• Daily Resistance: 1.11600, 1.12000

• 4-Hour Support: 1.10750, 1.11050

• 4-Hour Resistance: 1.11550, 1.11800

Fibonacci Levels:

• 23.6% Fib: 1.11500

• 38.2% Fib: 1.11150

• 61.8% Fib: 1.10600

  
  

EMA Levels:

• 100 EMA: 1.11050

• 200 EMA: 1.10700

• 400 EMA: 1.10200

  
  

Daily and Weekly Pivots:

• Weekly Pivot: 1.11250

• S1: 1.10750

• R1: 1.11600

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