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17 December 2024,02:12
Trade Of The Day
17 December 2024, 02:12
* Data Glow: The euro edged slightly higher against the dollar, showing modest gains but lacking strong momentum following the release of the latest EU Manufacturing PMI data. According to the Hamburg Commercial Bank (HCOB), the Eurozone Manufacturing PMI improved to 45.2 in December, surpassing the forecast of 45.0. Additionally, the bloc’s Services PMI rose to 51.4 in December, up from 49.5 in November, exceeding the market consensus of 49.4 and marking a two-month high. Despite the positive data, investor sentiment remains cautious as markets await further clarity on the Federal Reserve’s policy direction, with attention shifting to upcoming U.S. economic releases.
* Technical Breakout: EURUSD was traded higher following recent rebound from the support level 1.04550. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.06000. Conversely, a potential reversal is also to be expected and the price could head back towards 1.04550.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, the market spotlight will be on this week’s interest rate decisions from the Fed. Additionally, crucial U.S. data such as Core PCE Price Index, will be closely monitored by the market.
Know how to manage trading risks with risk management strategies.
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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