. EURUSD Analysis Report With Charting Trends - 04 September 2023

EURUSD Analysis Report With Charting Trends – 04 September 2023

EURUSD Analysis Report With Charting Trends – 04 September 2023

04 Sep 2023

EURUSD forecast: Prior to Sentix and Lagarde’s speech, the EUR/USD retakes 1.0800.


On Monday during the European session, the EUR/USD once again fell below 1.0800. Following the disappointing Eurozone Sentix Investor Confidence data, the pair is once again seeing selling pressure. The downside is still constrained, despite a declining US dollar. Awaiting the speech by ECB Lagarde.

On Friday, the EUR/USD plummeted significantly and made its seventh straight negative closing. The pair rebounded to the 1.0800 region early on Monday, helped by the rising risk sentiment. However, EUR/USD may struggle to gain directional momentum given that the stock and bond markets in the US are still shut due to the Labour Day weekend.

Early on Monday, the uptick in market confidence prevented the USD from adding to its gains from Friday and supported an increase in the EUR/USD.

ECB President Lagarde Speaks today.


Exponential Moving Average

  • EMA 5: The 5-day EMA stands at 1.0811, indicating a Sell signal.
  • EMA 20: The 20-day EMA is at 1.0840, signalling a Sell sentiment.
  • EMA 50: The 50-day EMA currently sits at 1.0872, suggesting a Sell indication.

Simple Moving Average

  • SMA 5: The 5-day SMA shows a value of 1.0813, reinforcing the Sell recommendation.
  • SMA 20: With a value of 1.0835, the 20-day SMA also supports a Buy sentiment.
  • SMA 50: The 50-day SMA registers at 1.0866, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 42.32, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Negative stance.

Resistance And Support Levels

  • Resistance: The resistance level is observed at 1.0828.
  • Support: The support level is identified at 1.0777.

Summary And Trade Suggestions

In summary, the technical analysis of EURUSD points towards a Sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.

Trade Suggestion:

  • Entry Point: 1.0766
  • Take Profit: 1.0724
  • Stop Loss: 1.0804