EUR/USD H8 chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
EUR/USD Holds Steady Above 1.1000 Amidst US GDP Data and Upcoming Core PCE Report
The EUR/USD pair maintains its positive stance, firmly holding ground above the psychological mark of 1.1000 as it reaches its highest level in four months during the early Asian trading hours on Friday. The pair’s trajectory aligns with our previous forecast, where the price successfully reached the initial take profit at 1.10100.
Key Market Movements:
EUR/USD is currently trading around 1.1008, marking a modest 0.05% gain for the day.
The pair continues to follow a bullish uptrend, supported by positive momentum and favorable technical signals.
US GDP Growth Data:
The US GDP growth number for Q3 expanded by 4.9%, slightly below the market’s estimation of 5.2%. This data influenced the market dynamics but did not deter the EUR/USD’s upward trajectory.
Upcoming Focus on US Core PCE Report:
Investors are eagerly anticipating the release of November’s US Core Personal Consumption Expenditure Price Index (Core PCE) on Friday.
Projections suggest a 0.2% month-on-month (MoM) rise and a 3.3% year-on-year (YoY) increase. This data is expected to impact the pair’s movements as traders assess the inflationary landscape.
ECB Statements and Market Sentiment:
European Central Bank (ECB) Vice President Luis de Guindos emphasized that it is premature for monetary policy to ease, expressing confidence in avoiding a technical recession in the Eurozone.
ECB Governing Council member Martins Kazaks indicated that the central bank intends to maintain current interest rates for an extended period, potentially pushing back the expected rate cut to mid-2024.
Technical Outlook and Targets:
The EUR/USD pair’s bullish trend is evident in higher timeframes, presenting potential for a further uptrend.
Our second take profit target remains at 1.11500, providing an optimistic outlook for continued bullish momentum.
As the EUR/USD pair navigates key economic data releases and central bank statements, traders are advised to monitor developments closely, considering potential shifts in market sentiment and the impact on the pair’s trajectory.
EUR/USD Forex chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
Short-Term Setup | Our preference:
Long positions above 1.08600 with targets at 1.10650 & 1.1150 in extension.
Disclaimer
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