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26 June 2024,02:28
Trade Of The Day
26 June 2024, 02:28
* Data Drought : EUR/USD has slightly recovered from its low, primarily from the broad US dollar weakness due to a lack of significant data releases. The market is continuing to digest the possibility of the Fed reducing interest rates twice in 2024 amid easing inflationary pressures. The US Consumer Price Index (CPI) report recently revealed that price pressures decelerated more than expected in May. Additionally, the preliminary S&P Global Purchasing Managers Index (PMI) report for June indicated signs of moderate cooling in cost growth. However, momentum is expected to remain thin as markets await fresh data to drive market flows starting on Thursday.
* Technical Breakout: EURUSD was traded higher following prior rebound from its low. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.07450. Conversely, a potential correction is also to be expected and the price could head back towards 1.06750.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, the market will focus on upcoming data, including the German GfK Consumer Confidence Survey for July. Additionally, European Central Bank (ECB) Chief Economist Philip Lane is set to provide some key remarks.
Know how to manage trading risks with risk management strategies.
Stay updated on US and European 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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