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EURUSD Daily Market Analysis—October 16, 2024 by K9 Investments Trading

Updated: Nov 16

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Intraday Signals

As of the current live market price of 1.0650, here are two actionable intraday trading setups:

Buy Signal

  • Trade Entry: 1.0660

  • Stop Loss: 1.0630

  • Take Profit 1: 1.0680

  • Take Profit 2: 1.0700


Sell Signal

  • Trade Entry: 1.0640

  • Stop Loss: 1.0670

  • Take Profit 1: 1.0620

  • Take Profit 2: 1.0600


Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss, and Proper Risk Management.



Market Analysis

Overview of the EURUSD Market

The EURUSD currency pair continues to be a focal point for traders in regions like Dubai, Singapore, India, Australia, Germany, and the Netherlands. Understanding the technical indicators is crucial for making informed trading decisions.


Support & Resistance Levels

On the daily timeframe, key support levels are identified at 1.0630 and resistance at 1.0685. In the 4-hour timeframe, support is located at 1.0645, with resistance at 1.0675.


Fibonacci Retracement Levels

Utilizing Fibonacci Retracement Levels, the daily swing high and low indicate critical levels at 1.0700 (high) and 1.0600 (low). This analysis helps in identifying potential reversal zones.


Exponential Moving Averages (EMA)

  • Daily EMA Levels:

    • EMA 50: 1.0645

    • EMA 100: 1.0630

    • EMA 200: 1.0615

    • EMA 400: 1.0590


  • 4-hour EMA Levels:

    • EMA 50: 1.0665

    • EMA 100: 1.0650

    • EMA 200: 1.0635

    • EMA 400: 1.0620


RSI Divergence

The Relative Strength Index (RSI) shows a divergence pattern, indicating potential reversal points. Currently, the RSI is hovering around 48, suggesting a neutral market sentiment.


Order Blocks

Identifying order blocks on the chart reveals strong buying interest around 1.0630, while selling interest is evident near 1.0685.


MACD Analysis

The Moving Average Convergence Divergence (MACD) is currently showing bullish momentum as the MACD line crosses above the signal line, suggesting potential upward movement.

💡 EURUSD Daily Analysis Summary by K9 Investments Trading – www.k9investmentstrading.com

🥇 FREE Telegram Channel: @K9_Investments_GoldTrading

Key Levels Summary

  • Daily Support: 1.0630

  • Daily Resistance: 1.0685

  • 4-hour Support: 1.0645

  • 4-hour Resistance: 1.0675


Exponential Moving Averages (EMA)

  • Daily EMA Levels:

    • EMA 50: 1.0645

    • EMA 100: 1.0630

    • EMA 200: 1.0615

    • EMA 400: 1.0590


  • 4-hour EMA Levels:

    • EMA 50: 1.0665

    • EMA 100: 1.0650

    • EMA 200: 1.0635

    • EMA 400: 1.0620


Weekly Pivots

  • Pivot Point: 1.0650

  • Resistance 1: 1.0670

  • Support 1: 1.0630


Daily Pivots

  • Pivot Point: 1.0650

  • Resistance 1: 1.0665

  • Support 1: 1.0640


Fibonacci Retracement Levels

  • Key Levels: 1.0600 (low) to 1.0700 (high)


Fundamental Analysis and USD News

Upcoming important USD news includes inflation reports and Federal Reserve announcements, which could significantly impact the EURUSD market. Traders should remain vigilant as these events unfold.


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This comprehensive market analysis and trading setup will equip traders across Dubai, Singapore, India, Australia, Germany, and the Netherlands with the necessary insights to navigate the EURUSD market effectively.





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