Market news
27.05.2024, 23:04

EUR/USD treads water near 1.0860 as markets gear up for another week of Fed-watching

  • EUR/USD found little gains against the weaker Greenback.
  • European economic data thin this week, US PCE inflation key print.
  • US GDP, Fedspeak to feature prominently this week.

EUR/USD found little momentum on Monday, cycling near 1.0860 after US markets were dark for the holiday long weekend. Tuesday will kick off the Fiber’s trading week in earnest after German sentiment surveys hobbled the Euro (EUR) on Monday.

Talking points from central planners on both sides of the Atlantic are spread throughout this week. The European Central Bank (ECB) is all but guaranteed to cut interest rates in June, while cut-hungry traders continue to search for signs of a rate trim from the Federal Reserve (Fed). According to the CME’s FedWatch Tool, markets are pricing in nearly-even odds of a quarter-point rate cut from the Fed in September, down significantly from over 70% a week ago.

German Consumer Price Index (CPI) inflation figures are slated for Wednesday, and markets are expecting Germany’s economy to grow by only 0.2% MoM in May compared to the previous 0.5%. 

The US will dominate the latter half of the economic calendar this week, with US Gross Domestic Product (GDP) due on Thursday, and Personal Consumption Expenditure (PCE) Price Index inflation figures slated for Friday. US Q1 GDP is expected to ease to 1.4% versus 1.6%, and investors are hoping that PCE Price Index inflation will hold steady at 0.3% MoM in April.

German Retail Sales and pan-European Harmonized Index of Consumer Prices (HICP) are both due on Friday. German Retail Sales last grow 0.3% YoY in April, while Core European HICP inflation is expected to hold steady at 2.7% YoY in May.

EUR/USD technical outlook

EUR/USD has recovered from a near-term decline into the 1.0800 region, but topside momentum remains thin and the pair is grappling with a pileup of technical resistance below the 1.0900 handle.

Despite recent losses, EUR/USD remains on the high side of the 200-day Exponential Moving Average (EMA) at 1.0790. However the pair still remains down from 2024’s opening bids near 1.1036.

EUR/USD hourly chart

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.086
Today Daily Change 0.0013
Today Daily Change % 0.12
Today daily open 1.0847
 
Trends
Daily SMA20 1.0792
Daily SMA50 1.0776
Daily SMA100 1.0814
Daily SMA200 1.0788
 
Levels
Previous Daily High 1.0858
Previous Daily Low 1.0806
Previous Weekly High 1.0884
Previous Weekly Low 1.0805
Previous Monthly High 1.0885
Previous Monthly Low 1.0601
Daily Fibonacci 38.2% 1.0838
Daily Fibonacci 61.8% 1.0826
Daily Pivot Point S1 1.0816
Daily Pivot Point S2 1.0785
Daily Pivot Point S3 1.0763
Daily Pivot Point R1 1.0868
Daily Pivot Point R2 1.0889
Daily Pivot Point R3 1.092

 

 

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