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1 March 2024,02:30
Trading BlogTrading Knowledge
1 March 2024, 02:30
German Data Disappoints, Economic Weakness: The EUR/USD lost its upward momentum following a mix of lackluster German Retail Sales and Consumer Price Index (CPI) report that fell short of expectations. January’s German YoY Retail Sales of -1.4% were slightly better than the forecast of -1.5%, reflecting a modest improvement from the previous -1.7%. Germany’s YoY CPI for February recorded 2.5%, below the projected 2.6% and a decline from the prior 2.9%. On U.S, despite the US Personal Consumption Expenditure Price Index (PCE) meeting market expectations, investor confidence hesitated due to persistently high US inflation, dissuading the Federal Reserve (Fed) from hasty rate cuts.
Technical Breakout: The EURUSD fell over half a percent from its daily high, currently testing the support level 1.08000. Near-term technical coupled with death cross from Moving average suggest the pair could set up for a steeper downside rejection.
Resistance and Targets: If the bearish momentum persists, a breach through the support level may lead to a test of the subsequent support at 1.08000. Conversely, a bullish recovery is anticipated if the pair avoids breaking the support level and exhibits positive signals, such as a bullish engulfing pattern in the candlestick analysis.
Learn more about Moving Averages and Support and Resistance levels to help you in technical analysis.
Despite recent mixed data applying selling pressure, the Euro finds support in diminished expectations for swift ECB interest rate cuts. Traders, however, exercise caution in adopting assertive positions.
Read what are some risk management strategies to help you manage potential trading risks.
Stay updated on Eurozone data, ECB related news and any shifts in the US Dollar’s strength by following our daily financial news or market insights articles.
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