Markets Analysis

EURUSD Rebounds at 90-Day Moving Average, MACD Indicates Downtrend【March 28, 2024】

March 28, 2024

Markets Analysis

Fundamental Analysis

  • A tripartite meeting between the government and the Bank of Japan was held, raising concerns about foreign exchange intervention.
  • EURUSD recently formed two engulfing candlesticks.
  • MACD has gone negative, indicating a downtrend.

EURUSD Technical Analysis

Analyzing the daily chart of EURUSD, two recent engulfing candlesticks suggest increasing selling pressure. Additionally, yesterday’s movement rebounded at the 90-day moving average, followed by the appearance of a bearish candle. A candlestick pattern of “bullish + bearish spinning top + bearish” has emerged, signaling a downtrend.

A key support zone is around 1.0799USD. It’s a price level that has reacted at least five times in the past, thus requiring attention.

Looking at the MACD, the histogram is below zero, entering a valley formation. Also, the MACD line is about to cross below zero. It seems advisable to take a bearish stance.


Day Trading Strategy (1-Hour Chart)

Analyzing the 1-hour EURUSD chart, both the 28 and 90 moving averages are trending downwards. A descending trendline can also be drawn, and the question is whether the trendline or moving averages will act as resistance.

The MACD analysis shows a lack of direction, making it difficult to decide. With the support line at 1.07990USD approaching, buying on dips could strengthen.

As a day trading strategy, consider probing sales if it breaks below 1.0799USD and 1.07990USD acts as resistance. If a stop loss is triggered, it could fall to around 1.0737USD.

Support and Resistance Lines

Key support and resistance lines to consider are as follows:

1.0799USD – A major monthly support line.


Market Sentiment

EURUSD Sell: 46% Buy: 54%

Today’s important economic indicators

Economic indicators and eventsJapan time
Australian Retail Sales9:30
UK GDP16:00
German Unemployment Rate17:55
US GDP21:30
Canadian FDP21:30

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

Enter your email address

You can receive deals such as Milton Markets campaigns and bonuses just by registering your email address.

Technology vendor

This site or page is operated by Milton Markets.

Milton Markets is a trading name of Milton Markets Ltd. Milton Markets Ltd. is registered in Saint Lucia with registration number 2023-00166.

Risk Warning: Trading FX and CFD products involves a high risk of loss to your capital. Please read and fully understand the Milton Markets risk disclosure.

Milton Markets does not provide services to residents of the following countries,including but not limited to: Afghanistan, American Samoa, Belarus, Burundi, Canada, Central African Republic, Congo-Brazzaville, Cuba, Côte d'Ivoire, Eritrea, European Union countries, Guinea, Iran, Iraq,

Lebanon, Liberia, Libya, Mali, Myanmar, North Korea, Puerto Rico, Russia, Rwanda, Saint Vincent and the Grenadines, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.

Customers must be at least 18 years old or the age of legal majority in their own country.

Furthermore, opening an account is considered as registering on your own initiative without any solicitation by Milton Markets.

© MILTONMARKETS, All Right Reserved.