Ultima Markets[Market Analysis] Inflation data is uncertain, and the direction of the euro is unclear

todayUltimaMarkets Bringing you 2024year 3month 12EUR/USDIn depth analysis.

Fundamental points

• U.S.ACPIHaving doubtsToday, the United States announced2end of the monthCPIData, this is the Federal Reserve3The last inflation data before the monthly interest rate decision. Previously, overallCPIData always remains in place3%, CoreCPIThen approach4%. If this weekCPIIf there is an unexpected increase in data, then6The expectation of monthly interest rate cuts will still be questioned.
• Euro or turnPreviously, the market expected the European Central Bank's easing policy to be later than the Federal Reserve, but after recent dovish statements from the ECB regulatory committee and the release of weak economic data, the market expects that both the ECB and the Federal Reserve may6The monthly interest rate cut has led to an increase in depreciation pressure on the euro.
  

technical analysis

Daily chart analysis

(EUR USD daily chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator sent a downward signal in the overbought area yesterday, indicating that bearish forces will have the upper hand in the short term. However, we need to wait for the exchange rate to further fall below yesterday's low before we can focus on short selling opportunities.
• Moving average supportred7The short-term moving average still supports the market to continue rising, and it is not easy to judge the depreciation trend of the euro before the exchange rate falls below the support of this average.
  

1Hour chart analysis

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

• Moving average support:red7The daily moving average remains black65Above the cyclical moving average, it suggests that the current bearish trend is still clearly approaching. The exchange rate has risen under the support of the previous black moving average, so pay attention to its performance near the moving average today.
• Building top structureThe euro operated a suspected top structure this week, with random indicators also deviating from the top structure. Therefore, if the exchange rate clearly falls below the neck support today, the euro may clearly enter a downward trend.
  

Trading CentralHub Line Indicators

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

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day1.0945，
• 1.0945Upward bullish, first goal1.0960Second objective1.0980
• 1.0945Under bearish, first target1.0915Second objective1.0900
  

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.