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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for NOV 1, 2024.
Key Takeaways
U.S. inflation data: The annual rate of the core PCE price index in the United States in September was 2.7%, higher than expected. The annual rate of the PCE price index in September was 2.1%, in line with expectations, higher than the previous value of 2.2%, the lowest level since the beginning of 2021, slightly higher than the Fed’s 2% target.
NFP: The United States will release the unemployment rate in October, the seasonally adjusted non-farm employment in October, and the annual and monthly rates of average hourly wages in October. The market expects the unemployment rate to remain unchanged at 4.1%, and the number of new non-farm jobs will drop sharply from 254,000 last month to 113,000.
Technical Analysis
EURUSD Daily Chart Insights
(EURUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: After the indicator sent a bullish signal in the oversold area, the fast and slow lines successively broke through the 50 median line, suggesting a strong short-term bullish trend.
Resistance area: The exchange rate has been rising all the way after breaking through the bottom neckline pressure and is about to approach the resistance area of the moving average group above. Whether the euro against the US dollar can clearly reverse the upward trend depends on whether the exchange rate can break through the green 200-day moving average.
EURUSD 4-hour Chart Analysis
(EURUSD H1 Price Chart, Source: Ultima Markets MT4)
(EURUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator began to oscillate and entangle before approaching the overbought area. The slowing rise speed indicates that the short-term exchange rate lacks momentum for rising. If there is no additional stimulus news, the exchange rate has the probability of reversing downward after encountering resistance.
Resistance area: Although the euro against the US dollar has broken through the short-term moving average group in the 4-hour cycle, there is still a 200-cycle moving average above. At the same time, the three moving averages are still in a downward trend, so investors still need to focus on rebounding and rising ideas.
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 1.0860,
Bullish Scenario: Bullish sentiment prevails above 1.0860, first target 1.0900, second target 1.0915;
Bearish Outlook: In a bearish scenario below 1.0860, first target 1.0845, second target 1.0830.
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.
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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