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11 July 2024,02:06
Trade Of The Day
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11 July 2024, 02:06
* Dovish Outlook: The EUR/USD climbed as the US Dollar faced widespread selling, driven by improved market sentiment. The surge followed Federal Reserve Chair Jerome Powell’s dovish statements during his congressional testimony, where he highlighted concerns that prolonged high interest rates could impede economic growth. Powell also acknowledged some easing in inflation and reaffirmed the Fed’s goal of achieving a 2% target. Consequently, markets now anticipate rate cuts to commence in September, potentially with a further reduction by the end of the year.
* Technical Breakout: EURUSD was traded higher following prior rebound from the support level 1.08050. MACD which illustrate bullish momentum signal suggest the pair to further extend its rebound.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.08600. Conversely, a potential correction is also to be expected and the price could head towards 1.08050.
Looking ahead, investors are preparing for the upcoming U.S. inflation data, including CPI and PPI, which are expected to provide further insights on potential rate cuts. Additionally, other reports, such as Initial Jobless Claims and the University of Michigan Consumer Sentiment, could also offer more momentum for 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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