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11 July 2024,01:53
Trade Of The Day
11 July 2024, 01:53
* Dovish Outlook: The EUR/USD has risen against the greenback, buoyed by broad market selling of the US Dollar. Market sentiment has recovered significantly, with renewed expectations for rate cuts following Federal Reserve Chairman Jerome Powell’s dovish remarks during his two-day testimony before US Congressional committees. Powell expressed concerns that maintaining high interest rates for an extended period could hinder economic growth. He also noted some easing in inflation, emphasizing the Fed’s commitment to reducing it to their 2% target. Consequently, markets anticipate the Fed will start cutting rates in September, with an additional quarter-point reduction likely by year-end.
* Technical Breakout: EURUSD was traded higher following prior rebound from the support level 1.08050. MACD which illustrate bullish momentum signal suggest the pair to further extend its rebound.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.08600. Conversely, a potential correction is also to be expected and the price could head towards 1.08050.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors are preparing for the upcoming U.S. inflation data, including CPI and PPI, which are expected to provide further insights on potential rate cuts. Additionally, other reports, such as Initial Jobless Claims and the University of Michigan Consumer Sentiment, could also offer more momentum for the market.
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Stay updated on US and EU data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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