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16 July 2024,02:19
Trade Of The Day
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16 July 2024, 02:19
* ECB Alert: The Euro’s recent upward momentum faded as it dropped sharply after briefly exceeding 1.0900, with traders anticipating the ECB’s rate decision on Thursday. ECB officials are likely to signal another rate cut, but only after the extended summer break between meetings. Following June’s quarter-point reduction, another cut is expected in September, with a third planned for December. Some policymakers prefer making decisions during quarterly meetings when new projections are available.
* Technical Breakout: EURUSD was traded lower following prior retracement from the resistance level 1.09200. MACD which illustrate bearish momentum signal suggest the pair to further extend its retracement.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.08600. Conversely, a potential continuation is also to be expected and the price could head towards 1.09200.
Moving ahead, investors will focus on upcoming U.S. data, such as Retail Sales. Additionally, the market’s attention will be on the ECB Interest Rate Decision, scheduled for release on July 18. Investors will closely watch for any clues from President Christine Lagarde regarding the prospects for the September 12 meeting.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Eurozone data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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