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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for OCT 25th, 2024.
Key Takeaways
US job market is strong: The number of initial jobless claims in the US reached 227000 for the week ending October 19, hitting a new low since the week ending September 28, 2024.
ECB’s interest rate cut remains to be discussed: Traders tend to believe that the ECB will cut interest rates by 50 basis points in December. European Central Bank Managing Director Wen Shi stated that at this stage, we do not need to discuss a 50-basis point interest rate cut.
Technical Analysis
Daily Chart Insights
(EURUSD Daily Price Chart, Source: Ultima Markets MT4)
(EURUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic: The indicator sends a bullish signal in oversold areas, indicating a probability of short selling in the short term, and the exchange rate will rebound and rise during the Asian session.
Support price: In last week’s ARTICLE, the strength of rectangular support price was emphasized. Yesterday, the rebound of the euro against the US dollar was hindered, and short-term bearish sentiment will subside. It is worth paying attention to long opportunities.
H1 Chart Insights
(EURUSD H1 Price Chart, Source: Ultima Markets MT4)
(EURUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic: The indicator sends a bearish signal in the overbought area but has not formed a top divergence pattern with the exchange rate, and the current downward adjustment or magnitude is not significant. Investors can pay attention to opportunities to go long after waiting for the indicator to send a bearish signal again.
Support price: There is a possibility of a pullback in the EUR/USD exchange rate during the Asian session, and the first target level below looks towards the rectangular support area. This is the fair value gap that is rising, and the price will also be around the red 33 MA at that time.
Pivot Indicator
(EURUSD M30 Price Chart, Source: Ultima Markets APP)
(EURUSD M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 1.080,
Bullish Scenario: Bullish sentiment prevails above 1.0800, first target 1.0840, second target 1.0855;
Bearish Outlook: In a bearish scenario below 1.0800, first target 1.0785, second target 1.0770.
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.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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