EURUSD Analysis for 06.03.2024
Time Zone: GMT +2
Time Frame: 4 Hours (H4)
The EUR/USD has been carving a bullish path on the H4 chart, staying above the mid-line of the Bollinger Bands and consistently forming higher peaks and troughs. As it approaches the upper band, there's potential for encountering resistance or extending the upward trend. The bullish slant is further affirmed by the Parabolic SAR's position under the price and an RSI reading of 52.87, indicating positive momentum without being overextended. Meanwhile, the MACD flags a slight dip in momentum, advising vigilance. Watch for possible breakouts or pullbacks at the upper Bollinger Band boundary, and keep abreast of fundamental developments that could stir the market. Proceed with caution and implement sound risk management tactics.
Disclaimer: This analysis is for informational purposes only, not investment advice. Conduct personal research and assess risk before trading.
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FXGlory
06.03.2024
The DXY has been strong lately, closing over 103.50. The labour market data, robust inflation, and US economy all contribute to this strength, which has stopped the Federal Reserve from making the many interest rate decreases that were previously expected.
https://www.fxstreet.com/currencies/us-dollar-indexdisclaimer taking a short for USD cross pairs for now!