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27 December 2024,02:21
Trade Of The Day
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27 December 2024, 02:21
* Holiday Hush: The Euro slipped against the U.S. dollar due to quiet trading, with many traders still on holiday before the New Year. Market sentiment was weighed down by a dovish stance from the European Central Bank (ECB), as Governing Council member Boris Vujcic suggested more rate cuts could be ahead if data supports the projections. The ECB has already cut rates four times this year, reducing the deposit rate to 3.0%, with analysts forecasting further quarter-point reductions to 2.0% by June. Meanwhile, U.S. labor data showed Initial Jobless Claims dropped to 219,000 for the week ending December 21, the lowest in a month and better than the expected 224,000, indicating continued U.S. economic strength.
* Technical Breakout: EURUSD was trade lower following prior retracement from its recent high. MACD which illustrates diminishing bullish momentum signal suggest the pair to likely extend its retracement.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.03600. Conversely, a potential reversal is also to be expected and the price could head back towards 1.04600.
As the holiday season begins and the economic calendar remains relatively light, market sentiment is expected to be the primary driver of market activity.
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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