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10 December 2024,02:09
Trade Of The Day
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10 December 2024, 02:09
* Labor Lift: The Euro has weakened against the US Dollar as traders brace for the European Central Bank (ECB) rate decision on Thursday. The currency has shown limited movement early in the week, with growing expectations of a rate cut by the ECB. After disappointing economic data, the ECB is widely anticipated to lower both its Main Refinancing Operations Rate and Deposit Facility Rate by 25 basis points. Additionally, the December Sentix Investor Confidence survey for the Eurozone dropped to a 13-month low of -17.5, further dampening bullish sentiment for the Euro.
* Technical Breakout: EURUSD was traded lower following prior retracement from the resistance level 1.0600. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.04850. Conversely, a potential reversal is also to be expected and the price could head back towards 1.06000.
Looking ahead, traders will keep a close watch on updates and developments surrounding the ECB’s decisions. Additionally, attention will shift to critical U.S. economic indicators, including the upcoming CPI and PPI reports, which are expected to provide further clues on market direction.
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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27 December 2024, 02:21 Euro Falls in Light Holiday Session, Dovish ECB Outlook
26 December 2024, 02:15 Yen Falls Further Amid BoJ Uncertainty on Rate Hikes
24 December 2024, 02:10 Australian Dollar Struggles Following RBA Meeting Minutes
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