EUR/USD potentially back to 1.1

2 Okt 2024

EUR/USD back to 1.1

The EUR/USD pair has been displaying a consistent technical structure, with multiple factors aligning to suggest that the price could be heading towards the significant 1.1000 level in the near term. This zone stands out as a key confluence area, supported by both technical and psychological factors. Let’s break down the evidence supporting this scenario.

Key Technical Points:

1. Round Number 1.1000:
In forex trading, round numbers like 1.1000 often act as psychological magnets, drawing price action towards them. Traders and investors alike tend to place their buy and sell orders around these levels, making them highly influential in the market. As EUR/USD inches closer, this level could act as a critical pivot for the next move.

2. Anchored VWAP (AVWAP):
The Anchored VWAP serves as a dynamic support or resistance, representing the volume-weighted average price from a key point in time. In this case, the AVWAP has been aligning with the 1.1000 area, suggesting that institutional traders are viewing this level as fair value. A pullback to the AVWAP often provides an excellent opportunity for entries.

3. Regular Flat Pattern – Wave C Completion:
The current price action also appears to be forming a **Regular Flat Pattern** within Elliott Wave theory. This corrective pattern typically ends at the completion of Wave C, which is a three-wave structure. The end of Wave C often signals the resumption of the larger trend. In this case, Wave C appears to be ending around 1.1000, indicating that the correction may soon be over and the price could reverse higher or stabilize at this level.

4. Trendline Support:
The upward trendline, which has been respected for several months, intersects near the 1.1000 level. This trendline acts as a technical support, reinforcing the argument that this area is crucial for the pair. A touch of this trendline, combined with the AVWAP and round number, could lead to a significant bounce or consolidation phase.

Outlook:

Given the convergence of these technical signals, it seems increasingly likely that EUR/USD will gravitate towards the 1.1000 level. Traders should watch for potential entry opportunities around this price, as it may act as a launchpad for a reversal or a key area of consolidation before the next move. Whether you are day trading or taking a longer-term position, this is a level that should not be ignored.

While technical analysis points towards 1.1000, keep in mind that no level is guaranteed. Monitoring how price reacts at this point, along with any fundamental news or events, will be crucial for confirming the next move. For now, the path to 1.1000 appears well-supported, making it a critical zone for both bulls and bears in the market.

8 Okt 2024

Trading ditutup: target tercapai

to the level as expected