Fundamental Analysis

• Bitcoin is surging with market anticipation around policies from President-elect Trump.
• Trump is confirmed to have won all swing states and secured the highest vote count in 20 years.

EURUSD Technical Analysis

Analyzing the daily EURUSD chart: it broke below the 200-day moving average, dropping to 1.07 USD before rebounding. However, the conversion line of the Ichimoku Cloud has been acting as a resistance level, coinciding with the round number at 1.08 USD, leading to another decline.

As the price has broken below the prior day’s low, a key point of interest is whether 1.07 USD can hold as support.

If EURUSD breaks below 1.07 USD, further declines could be expected. The Dollar Index is above its 200-day MA, signaling a strong USD-buying trend across markets. Caution is advised due to the risk of further declines.

Day trading strategy (1 hour)

Analyzing the USDJPY 1-hour chart, we see two rebounds at the 1.07 USD support level. A significant inverse N pattern has emerged, and the target price, based on N calculations, appears near 1.057 USD.

The day trading strategy is to sell on retracements. Selling entries could be considered around the Ichimoku Cloud’s conversion line, with take profit around 1.057 USD. If there’s a rebound around 1.07 USD, a quick stop-loss should be implemented.

Support/Resistance lines

Key support and resistance lines to consider:

• 1.07 USD: Round Number
• 1.0588 USD: Target low based on N calculation

Market Sentiment

EURUSD Short: 15% / Long: 85%

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.