Daily Market Analysis 09.01.2024: EURUSD

Instrument: EURUSD

Bullish Preference:  
A Buy position is envisaged if the price trades above 1.09728  with a take profit at 1.09880
Bearish Preference:   
A Sell position is envisaged if the price trades below 1.09397 with a take profit at 1.09268
No Major Fundamental

EUR/USD corrected downwards from late December to early January, but managed to stabilize and bounce after finding support near 1.0875, which corresponds to the lower boundary of a short-term ascending channel, as shown in the chart below. If the rebound gains momentum in the coming days, technical resistance appears at 1.1020, followed by 1.1075/1.1095.

On the flip side, if sellers return and drive prices lower, the first line of defense against a bearish assault can be spotted at 1.0930. On further weakness, the focus shifts to 1.0875. Bulls must protect this floor at all costs; failure to do so could usher in a move towards the 200-day simple moving average, followed by a descent towards the 1.0770 area.

Analysis: SCRUM Team

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