EURUSD_118 2024.10.31 09:08:13 Trading Signal SELL

31 Eki

FrankPro Signal for EURUSD_118

Type: Screen
Signal: SELL
TP: 1.08069
SL: 1.08637
Entry Price: 1.08566

Analysis for EURUSD

Forecast Overall(Short-Term, Long-Term): ST=Strong Down LT=Probably Up

Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Down LT=Same
[Method1] ST=Down LT=Up
[Method2] ST=Down LT=Same


Analysis Method(0)

Based on the provided analysis, here is my assessment of the EUR/USD price movement:

**Short-term analysis (next few days):**
The price is expected to go **down**. The reasons for this assessment are:

* The price has tested the resistance line at 1.0865 and has started to rebound bearishly, indicating a potential reversal.
* The forecast for October 31, 2024, suggests an attempt to develop a decline in the EUR/USD pair, with a potential test of the support area near key levels.
* The surge ahead of PCE and NFP data has pushed the pair up to its 200-day moving average, but this may be a temporary move, and the pair may retreat from this level.

**Long-term analysis (weeks or months):**
The price is expected to **stay the same** or experience a **slight decline**. The reasons for this assessment are:

* The Elliott Wave analysis provides a comprehensive overview of the current EUR/USD price action, suggesting potential wave patterns and future price movements. While the analysis does not provide a clear direction, it implies that the pair may be in a consolidation phase.
* The influence of economic data and central bank policies on the EUR/USD exchange rate may lead to a range-bound market, with the pair trading within a narrow range.
* The recent surge in the pair may be a temporary move, and the pair may return to its long-term trend, which could be a slight decline or a sideways movement.

Please note that these assessments are based on the provided analysis and may not reflect the current market situation. The foreign exchange market is highly volatile, and prices can change rapidly due to various factors, including economic data, central bank policies, and geopolitical events.

Result: [Method0] ST=Down LT=Same


Analysis Method(1)

Based on the provided analysis and forecasts, here is my assessment of the EUR/USD exchange rate:

**Short-term (next few days/weeks):**
The price is expected to be volatile, with a slight bias towards a decline. The current price is around 1.0859, and analysts suggest that if it remains above 1.0846, it could strengthen. However, there is also an expectation of a decline, with a test of the support area near current levels. Therefore, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short term.

**Long-term (next few months/years):**
The forecasts suggest that the EUR/USD exchange rate is expected to **go up** in the long term. Commerzbank analysts predict the rate to strengthen to 1.12 by June 2024, and ING forecasts suggest the pair could trade above 1.20 in the next few years. Although there are some predictions of the rate being trapped around 1.08 due to economic factors, the overall long-term outlook appears to be bullish.

Please note that these assessments are based on the provided analysis and forecasts, and the actual market movements may differ due to various factors, including unforeseen economic events and changes in market sentiment.

Result: [Method1] ST=Down LT=Up


Analysis Method(2)

Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement:

**Short-term (next few days):**

* The pair's recent slip below the mid-1.0800s and the bearish rebound from the resistance line at 1.0865 suggest downward pressure.
* The upcoming economic data releases (Eurozone CPI and US PCE Price Index) may further influence the pair's direction, but the current sentiment appears bearish.
* Therefore, in the short-term, I expect the EUR/USD price to **go down**.

**Long-term (next few weeks/months):**

* The pair's earlier test of the 200-day moving average and the ECB's pushback on rate cuts suggest that there may be underlying bullish sentiment.
* However, the recent bearish rebound and the cautious market ahead of key economic data releases may delay any potential upward movement.
* Considering the conflicting signals, I expect the EUR/USD price to **stay the same** or experience a period of consolidation in the long-term, as the market awaits further clarity on economic data and central bank decisions.

Please note that this analysis is based on the provided information and may not reflect the full complexity of market conditions.

Result: [Method2] ST=Down LT=Same