EURO FX Futures: Current Move Analysis (30-11/2024)

Nov 30, 2024

📈 Daily Timeframe Highlights:

• RSI Movement: RSI is crossing above the 13 and 55 SMAs.
  
• First Resistance Zone: Approaching around the S2 Quarterly Pivot Point.
  
• Potential Target: The price could reach the second resistance zone, coinciding with the arrival of the 55 SMA at that level.
  

The RSI is crossing above both the 13 and 55 SMAs. With the price reaching the 13 SMA, we are currently approaching the first resistance zone, located around the S2 Quarterly Pivot Point.

Based on the divergence shown in the RSI Difference indicator and the recent RSI cross above the 55 SMA, it is likely that the price could reach the second resistance zone. This is expected to align with the arrival of the 55 SMA at that level.

📉 Weekly Downtrend Overview:

• Indicators: The 13 SMA has crossed below the 55 SMA, confirming a downtrend.
  
• Wave Analysis: Currently in the second retracement of wave 3, which should outlast the first retracement (per Elliott Wave theory).
  
• Projection: Wave 4 retracement may reach the 13 SMA.
  

Dec 4, 2024

Trade active

After the initial rejection from the first resistance zone, the projection remains valid. Indicators continue to signal an uptrend pattern, and the price structure remains unchanged.