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18 September 2024,02:20
Trade Of The Day
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18 September 2024, 02:20
* Rate Cut Countdown: The euro is gaining momentum against the U.S. dollar as increasing market expectations for a substantial Fed rate cut put pressure on the greenback. Speculation around a larger cut grew after weaker-than-anticipated August Producer Price Index (PPI) figures and reports indicating that officials may consider such a move. The CME FedWatch tool now shows a 69% probability of a 50 basis point (bps) rate cut, lowering the target range to 4.75%-5.00%, up from 34% just a week ago.
* Technical Breakout: EURUSD was traded higher following recent breakout above the previous resistance level 1.11100. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.12000. Conversely, a potential reversal is also to be expected and the price could head back towards the level 1.10250 after it breach back below the level 1.11100.
Moving ahead, traders will concentrate on upcoming data, with particular attention to the Federal Reserve’s interest rate decision, as the market widely anticipates a high probability of a rate cut from the U.S central bank.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Euro 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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