euroGDPCorrection and Basic BackgroundDespite the strong performance of the euro against the US dollar, the outlook for the euro remains bleak.Continuing 11 month 20 After the large-scale sell-off in recent days, the euro/poundIt seems ready to rebound as well. The Eurozone announced this morning GDP The third estimate confirmed the stagnation in the third quarter as the eurozone economy felt pressure.Due to the difficulties faced by many industries in the Eurozone, year-on-year data has successfully avoided the contraction rate being lowered to 0%This encourages market participants to actively re priceInterest rate reductionexpect.This has recently put pressure on the euro, and many people believe that the European Central Bank may have to 2024 Significantly lower interest rates annually to stimulate a sluggish economy. Source:DailyFX calendar Earlier today, Goldman Sachs stated that they believe the European Central Bank will start as early as 4 Monthly interest rate reduction.The Bank of England has stated that the decline in inflation in the coming months will be stronger than expected, partly due to a severe decline in demand.Before next week's central bank meeting, it will be interesting to evaluate the latest economic forecast from the European Central Bank and whether there are any clues of possible interest rate cuts. Price trends and potential settingseuro/dollar The EUR/USD ultimately stopped its decline during the US session, especially rebounding to 1.0800 Above the pass.Considering the critical support position1.0760-1.0750Regional, this is not surprising, the current question is whether the recovery can be sustained.Tomorrow's US employment data may play a crucial role, but let's take a look at the key areas of support and resistance that may provide some opportunities. The direct resistance of the euro against the US dollar is at the level touched today 200 Daily moving average, located at 1.0821 Near the checkpoint.Breaking through this level may face separate challenges1.0840and1.0900Some resistance. If the euro continues to move towards the US dollar1.0750If the support level falls back and may fall below it, it may fall towards50The location of the daily moving average1.0700Gateway. Key levels to focus on: Support level:
Resistance level:
euro/dollar Daily chart Source:TradingView euro/pound past times 4 Oh my god, the euro has been at a constant level against the pound 40 Within the interval of points, as shown in pink in the following figure/As shown in the purple box.Breaking through the box may be a sign of further increase.However, there are conflicting signals as we have just seen 20 Daily moving average below 200 The daily moving average shows a dead cross.This certainly implies looking at the falling head, while the candlestick itself tells a different story, so I feel confused. Of course, the euro against the pound is likely to remain in a range of fluctuations next week.The meeting of the European Central Bank may provide some clear ideas for the currency pair. Key levels to focus on: Support level:
Resistance level:
euro/GBP daily chart Source:TradingView |