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17 December 2024,02:17
Trade Of The Day
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17 December 2024, 02:17
* Data Glow: The euro posted slight gains against the dollar but lacked strong momentum following the release of the latest EU Manufacturing PMI data. The Eurozone Manufacturing PMI, reported by the Hamburg Commercial Bank (HCOB), rose to 45.2 in December, beating the 45.0 forecast. Meanwhile, the bloc’s Services PMI climbed to 51.4 in December from 49.5 in November, exceeding the expected 49.4 and hitting a two-month high. Despite the upbeat data, investor sentiment remains cautious as markets await further signals on the Federal Reserve’s policy outlook, with focus shifting to upcoming U.S. economic reports.
* 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.
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.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and EU 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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