In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for 29th March 2024.
Key Takeaways
- USD Dynamics: After a strong performance last week, the U.S. Dollar Index has continued its downward trend. Many traders have chosen to take profits, and today’s market will see the release of core personal consumption expenditure data and a speech by Federal Reserve Chairman Powell. Be vigilant for unusual fluctuations and avoid establishing large directional positions.
- Political Influence: In 2024, the Eurozone will face parliamentary and presidential elections in multiple countries, as well as important European Parliament elections. These political changes and shifts in policy initiatives may have an indirect impact on the euro exchange rate.
Technical Analysis
Daily Chart Insights
- Stochastic Oscillator:After a slight entanglement between the fast and slow lines yesterday, the indicator has once again issued a bearish signal, about to enter the oversold area, suggesting that the current bearish forces are dominant.
- Support Below: After breaking below the green 240-day moving average and the lower edge of the downward channel yesterday, it is highly likely that today’s trend will be primarily downward. Pay attention to the price around 1.07618, but since there is no clear resistance pattern at this level in the past, the support is relatively weak.
4-hour Chart Analysis
- Stochastic Oscillator:Similar to the daily chart, after a slight entanglement between the fast and slow lines yesterday, the indicator has once again issued a bearish signal, about to enter the oversold area, indicating that the current bearish forces are dominant.
- Wolfe Wave: Despite the overall clear bearish trend, it is worth noting that the current exchange rate has formed a potential Wolf Wave structure. The current downward trend endpoint is looking at the extension of points 1 and 3; theoretically, when the price touches the extension line, there is a probability of a reversal.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 1.0799,
- Bullish Scenario: Bullish sentiment prevails above 1.0799, first target 1.0812, second target 1.0819;
- Bearish Outlook: In a bearish scenario below 1.0799, first target 1.0770, second target 1.0762.
Conclusion
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Disclaimer
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.
