Ultima Markets【 Market Analysis 】 The euro is recovering its upward trend, waiting for the key price...

todayUltimaMarkets Bringing you 2024year 2month 2EUR/USDIn depth analysis.

Fundamental points

• Bank thunderstorm reappearsNew York Community Bank issued a profit warning, as the continued turmoil in the commercial real estate industry led to the bank significantly reducing dividends and increasing loan loss provisions, causing its stock price to plummet on the same day38%. With concerns about the resurgence of the banking crisis offsetting the cooling effect of expected interest rate cuts.
• Eurozone economyOn Tuesday, the Eurozone released economic data, showing2023In the fourth quarter of the year, it stabilized and once again avoided economic recession with a "slight advantage". However, the overall situation indicates that the prospect of early interest rate cuts by the European Central Bank is unlikely.
  

technical analysis

Daily chart analysis

(EUR USD daily chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator sends a bullish signal, indicating that short-term bulls have the upper hand. However, since the signal does not occur within the oversold area, it cannot be easily determined that a reversal trend is approaching.
• Moving average interval: Green240The daily moving average prevents the exchange rate from further falling, while the blue color17The daily moving average suppresses the continued upward trend of the exchange rate, indicating that the current long and short positions are still in a game stage.
  

1Hour chart analysis

(EUR/USD)1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator sends a bearish signal in the overbought area, indicating that the current exchange rate is about to fall and it is not advisable to enter trading easily now.
• Horizontal resistanceThe exchange rate is1Due to obstacles at the end of the month1.0885After the horizontal line, it begins to decline. At present, the upward trend is about to touch the previous high again, so there is a certain selling pressure in the short term. After the price breaks through this price range, you can pay attention to long opportunities.
  

Trading CentralHub Line Indicators

(EUR/USD)30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day1.0830，
• 1.0830Upward bullish, first goal1.0900Second objective1.0930
• 1.0830Under bearish, first target1.0805Second objective1.0780
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.UltimaMarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.