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Message: [QUOTE="FXGLORY, post: 239539, member: 15342"] [B]EURUSD H4 Technical and Fundamental Analysis for 12.18.2024 [ATTACH type="full"]30769[/ATTACH] Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The EUR/USD fundamental analysis is being viewed cautiously as traders await key economic events from both the Eurozone and the United States. In focus is the speech by Bundesbank President Joachim Nagel, a voting member of the ECB Governing Council, which could provide critical clues about the ECB's monetary policy outlook. A hawkish tone could support the Euro, while dovish remarks may extend bearish pressure. Additionally, the Eurozone Consumer Price Index (CPI) report will shed light on inflation levels, a key factor for ECB policy decisions. On the USD side, the Building Permits and Housing Starts data will be released, serving as a leading indicator of construction activity and overall economic health. A better-than-expected US outcome may strengthen the Dollar, reinforcing the bearish bias for EUR/USD. [B] Price Action:[/B] The EUR/USD H4 candle chart reveals that the pair is stuck in a downward channel, indicating a persistent bearish trend. The EURUSD price action has been making lower highs and lower lows, confirming sellers' control. The pair is currently consolidating near the 1.0493 level but remains under pressure below the descending trendline. A breakout above 1.0520, the immediate resistance level, could signal a short-term reversal, while failure to break above this level may see the price decline toward the lower support levels.[B] Key Technical Indicators: Ichimoku Cloud: [/B]The price is trading below the Ichimoku Cloud, highlighting a EUR/USD bearish bias. The cloud between 1.0500 and 1.0520 acts as a strong resistance zone. A sustained move above the cloud could signal a trend reversal, while rejection at this level will maintain the pair’s bearish outlook. [B]RVI (Relative Vigor Index): [/B]The RVI (10) currently stands at -0.060, with the signal line slightly negative. This suggests a continuation of the bearish trend. A positive crossover near zero would be an early sign of a potential upward reversal. [B]RSI (Relative Strength Index): [/B]The RSI (14) is at 45.76, reflecting a neutral to slightly bearish sentiment. If the RSI drops below 40, it will confirm increasing bearish momentum. A push above 50 would indicate growing bullish interest.[B] Support and Resistance: Support Levels: [/B]The 1.0483 level, is the immediate support and the 1.0450 level is the Key lower support, aligning with the descending channel bottom.[B] Resistance Levels:[/B] The 1.0520 level remains the Immediate resistance at the descending trendline and cloud boundary, followed by the next key resistance above the cloud 1.0545.[B] Conclusion and Consideration:[/B] The EUR/USD forecast today on its H4 chart continues to show signs of a downtrend, as it remains confined within the descending channel. The bearish signals are reinforced by the Ichimoku Cloud resistance, the RSI below 50, and the RVI pointing downward. Traders should monitor 1.0520 for any breakout to the upside, which may indicate a short-term reversal, while failure to break resistance could push the pair toward 1.0483 and 1.0450. Upcoming Eurozone inflation data and Nagel’s speech could provide significant volatility, while strong US economic releases may strengthen the USD further. Traders are advised to exercise caution and implement robust risk management strategies given the current mixed market signals and fundamental events.[B] Disclaimer: [/B]The analysis provided for EUR/USD is for informational purposes only and does not constitute investment advice. Traders are encouraged to perform their own analysis and research before making any trading decisions on EURUSD. Market conditions can change quickly, so staying informed with the latest data is essential.[B] FXGlory 12.18.2024 [ATTACH type="full"]30770[/ATTACH][/B] [/QUOTE]

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