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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for DEC 12, 2024.
EURUSD Key Takeaways
US inflation in line with expectations: The year-on-year growth rate of the unadjusted CPI in November rebounded further, rising to 2.7% for the second consecutive month. The core consumer price index in the United States in November increased by 3.3% year-on-year and 0.3% month-on-month, all in line with expectations. The market has strengthened its expectations that the Fed will cut interest rates by 25 basis points in December.
The ECB is on the scene: The ECB will announce its interest rate decision today, and the market expects the ECB to continue to cut interest rates by 25 basis points. The financial market has fully digested the ECB’s expectation of a 25-basis point rate cut on Thursday, and the possibility of a larger rate cut is currently close to zero. However, if Lagarde expresses any dovish attitude, it will trigger a depreciation trend of the euro.
EURUSDTechnical Analysis
EURUSD Daily Chart Insights
(EURUSD Daily Price Chart, Source: Ultima Markets MT4)
(EURUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator once again sent a downward signal above the 50 median line, suggesting that short-term short-selling forces have the upper hand. However, based on the fact that the fast line just approached the 50 median line yesterday, it is not worth paying attention to short-selling opportunities before the fast line has not clearly entered the lower half of the area.
Key support: EUR/USD rebounded after hitting the 1.04800 support price. This price was the opening price of the previous day’s big rise on November 27. Once it falls below this support price, the adjustment will end and the exchange rate will accelerate its decline.
EURUSD 1-hour Chart Analysis
(EURUSD H1 Price Chart, Source: Ultima Markets MT4)
(EURUSD H1 Price Chart, Source: Ultima Markets MT4)
Downward trend line: EUR/USD has been continuously suppressed by the downward trend line. If the exchange rate wants to clearly end the downward trend, it is necessary to pay attention to when the exchange rate breaks through the downward trend line. Based on the strong support price below, be alert to the exchange rate effectively standing above the downward trend line after encountering resistance and rebounding.
Wolf Wave: The current market price forms a potential Wolfe Wave structure. Point 5 will start a rebound trend after encountering resistance at point 1 and the extension line of point 3. The first target is the point 4 level, which is also near the green 200-day moving average.
EURUSD Pivot Indicator
(EURUSD M30 Price Chart, Source: Ultima Markets APP)
(EURUSD M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 1.0530,
Bullish Scenario: Bullish sentiment prevails above 1.0530, first target 1.0550, second target 1.0570;
Bearish Outlook: In a bearish scenario below 1.0530, first target 1.0475, second target 1.0460.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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