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18 September 2024,02:13
Trade Of The Day
18 September 2024, 02:13
* Rate Cut Countdown: The euro continues to strengthen against the U.S. dollar as growing market expectations of a significant Fed rate cut weigh on the greenback. Speculation of a larger cut intensified following softer-than-expected August Producer Price Index (PPI) data and media reports suggesting officials are open to such a move. According to the CME FedWatch tool, the likelihood of a 50 basis point (bps) rate cut, bringing the target range to 4.75%-5.00%, has surged to 69%, up from 34% a week ago.
* Technical Breakout: EURUSD was traded higher following recent breakout above the previous resistance level 1.11100. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to likely further extend its gains.
*Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.12000. Conversely, a potential reversal is also to be expected and the price could head back towards the level 1.10250 after it breach back below the level 1.11100.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, traders will concentrate on upcoming data, with particular attention to the Federal Reserve’s interest rate decision, as the market widely anticipates a high probability of a rate cut from the U.S central bank.
Know how to manage trading risks with risk management strategies.
Stay updated on US and Euro data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
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