Ultima MarketsMarket analysis: The European Central Bank's interest rate decision is coming, and the euro is rising first...

todayUltimaMarkets Bringing you 2024year 3month 7EUR/USDIn depth analysis.

Fundamental points

• Powell's testimony lacks noveltyPowell stated in his testimony to the House Financial Services Committee on Wednesday that interest rates may be appropriately lowered at some point this year. But these comments are related to1The statement after the monthly interest rate resolution is similar and there are no unexpected statements.
• ADPSuggest a slowdown in inflation: USA2monthADPThe number of employed people remains stable at14Ten thousand people, annual salary has increased5.1%，ADPIndicates that this is from2021year8The smallest increase since the beginning of the month may indicate that inflationary pressure is fading.
• The European Central Bank will announce its interest rate decisionThe market generally expects the European Central Bank to remain calm, with a focus mainly on the latest economic forecasts and any signals from Lagarde regarding the timing of interest rate cuts.
  

technical analysis

Daily chart analysis

(EUR USD daily chart, sourceUltima Markets MT4）

• Random oscillation indexAfter a brief entanglement of the fast and slow lines for two days, they once again issued a bullish signal and entered the overbought area, indicating that the current bullish position has the upper hand in the short term and is worth paying attention to long trading opportunities.
• Fibonacci extension bitThe exchange rate broke through strongly yesterday2month22After the daily high, the short-term bullish trend is clear, and the goal is to focus on the proportional Fibonacci expansion level of the previous trend.
  

1Hour chart analysis

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

• Random oscillation indexThe indicator sends a bearish signal in the overbought area, and during the intraday Asian session, it is bearish in the short term. We are waiting for another bullish signal to be issued and will pay attention to whether there are trading opportunities.
• Alternative trend lineAfter breaking through the alternative trend line yesterday, the exchange rate experienced a correction close to the alternative trend line. There is a certain probability that the exchange rate will be hindered and rebound. If it continues to break, the target will be black33Near the cyclical moving average.
  

Trading CentralHub Line Indicators

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

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day1.0875，
• 1.0875Upward bullish, first goal1.0915Second objective1.0930
• 1.0875Under bearish, first target1.0860Second objective1.0840
  

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.