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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for SEP 13, 2024.
Key Takeaways
ECB rate cut: The ECB cut interest rates for the second time this year, lowering the deposit mechanism rate by 25 basis points to 3.50%, the lowest since June 2023; GDP growth expectations for the next three years have been lowered across the board, and inflation expectations remain unchanged.
Reasons for the euro’s rise: Since recent inflation data is roughly in line with expectations, the market expected a rate cut in September before the decision, and the market is more concerned about how the remaining interest rate decisions this year will be expressed. ECB President Lagarde said she would not commit to the subsequent interest rate path, and based on the downward trend of inflation, traders cut their expectations for the ECB’s rate cuts, and it is expected that another 36 basis points will be cut before the end of the year.
Technical Analysis
Daily Chart Insights
(EUR/USD Daily Price Chart, Source: Ultima Markets MT4)
(EUR/USD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The fast line enters the oversold area, but the slow line indicator has not yet entered the long signal. It suggests that there is news in the short term to stimulate the index to rise, so it is necessary to pay attention to the rebound time and be alert to the probability of adjustment and decline during the week.
Confirmation of trend: Although the exchange rate rebounded strongly yesterday, the current long-short conversion price is around 1.1154. Before the exchange rate breaks through this resistance, it cannot be clear that the bullish trend has returned. The exchange rate today focuses on the upper resistance level of 1.1108, which is the resistance price level of the previous rising FVG.
H1 Chart Insights
(EUR/USD H1 Price Chart, Source: Ultima Markets MT4)
(EUR/USD H1 Price Chart, Source: Ultima Markets MT4)
MACD: Yesterday, the indicator issued a bullish signal below the 0 axis, and the kinetic energy column quickly increased. This suggests that the current exchange rate is rising strongly, and the short-term Asian session is mainly on the sidelines.
Short-term resistance: After the euro/dollar has strongly broken through the moving averages of each period, it is currently about to be blocked by the resistance level near 1.1090 in the previous period. This resistance level is the support resistance line at the end of August. After the exchange rate rises rapidly and approaches the resistance, there is a certain probability that it will adjust and fluctuate.
Pivot Indicator
(EUR/USD M30 Price Chart, Source: Ultima Markets APP)
(EUR/USD M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 1.1045,
Bullish Scenario: Bullish sentiment prevails above 1.1045, first target 1.1090, second target 1.1110;
Bearish Outlook: In a bearish scenario below 1.1045, first target 1.1030, second target 1.1010.
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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