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2 January 2025,02:13
Trade Of The Day
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2 January 2025, 02:13
* Dollar Dominant: The Euro continued its decline against the dollar during the Asian session as trading volumes remained subdued, with markets still recovering from the New Year break. The Euro struggled to attract buyers, weighed down by a strong U.S. dollar, supported by a less dovish Federal Reserve. The U.S. central bank may adopt a more cautious approach to potential rate cuts in 2025, signaling a shift in its monetary policy. This change coincides with uncertainties around economic policies expected under the upcoming Trump administration. Additionally, Donald Trump’s victory has boosted the dollar’s strength, with the political, financial, and monetary implications of his second term impacting market sentiment, even before his official inauguration.
* Technical Breakout: EURUSD was traded lower while currently testing the support level 1.03450. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to likely extend its losses after it breach below the level.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.02250 after it breach below the level 1.03450. Conversely, a potential reversal is also to be expected and the price could head back towards 1.04600.
With a relatively quiet economic calendar, market sentiment is likely to be the key driver of activity. Nonetheless, U.S. data, including Initial Jobless Claims and ISM Manufacturing PMI, may inject some momentum into the markets.
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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