Fundamental Analysis

• USD/JPY opens lower, starting 2024 trading in the late 140s
• Euro-Dollar continues to fall for two days, focus on whether USD 1.10 functions as a support line
• As 2024 trading intensifies, European and American markets gradually become more active, possibly increasing trading volume

EURUSD Technical Analysis

Analyzing the daily chart of the Euro-Dollar market. Currently, after reaching a high of USD 1.1130, it has declined, and drawing a parallel channel, it continues to be in an uptrend, but it is now in a decline phase after touching the upper limit line. Whether USD 1.100 becomes the next important support line is being watched.

How long the dollar weakness will continue, and whether USD 1.10 will function as a support line and rebound, will be the focus going forward. At present, the Euro-Dollar is in a strong uptrend, but it may turn to a decline for a while due to touching the upper limit line.

Day Trading Strategy (1-Hour Chart)

Analyzing the 1-hour chart of the Euro-Dollar market. Currently, after reaching a high of USD 1.1130, the Euro-Dollar is declining. Drawing a parallel channel, the uptrend is continuing slowly, but it is now in a decline phase after touching the upper limit line. The key focus is whether USD 1.100 will function as the next support line.

Also, attention is being paid to how long the dollar weakness continues, and whether USD 1.10 will rebound as a support line. The future Euro-Dollar market is expected to develop based on the movements around the support line near USD 1.100 and the high of USD 1.1130.

The day trading policy is to buy on dips, with entry around USD 1.10, settling at USD 1.1045, and stop at USD 1.0965.

Support and Resistance Lines

Upcoming resistance lines to consider:

USD 1.10 – Round number & 240-moving average line

Market Sentiment

EURUSD Sell: 78%, Buy: 22%

Today’s Important Economic Indicators

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.