Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

EUR/USD churns chart paper but makes little progress ahead of Wednesday’s German CPI inflation

  • EUR/USD failed to capture 1.0890 in Tuesday’s early bull run.
  • 1.0860 remains a key consolidation point for the Fiber.
  • German CPI inflation due Wednesday, US GDP and PCE inflation loom ahead.

EUR/USD rose to an intraday high near 1.0890 on Tuesday before market flows dragged the pair back down to familiar levels near 1.0860, and the pair is holding on-balance as Euro traders head into a fresh print of German Consumer Price Index (CPI) inflation. Key US data hides just around the corner with Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE) Price Index inflation due on Thursday and Friday, respectively.

German CPI inflation in May is expected to ease to 0.2% MoM in May, down from the previous 0.5% as investors hope CPI inflation in key European economies will turn around and continue to ease in time to push the European Central Bank (ECB) into a quarter-point cut at the central bank’s upcoming rate call in June.

US investors have been fighting an uphill battle trying to time when the Federal Reserve (Fed) will deliver a first rate cut. Back in December, markets had priced in upwards of six cuts of at least 25 basis points apiece, with the first quarter-point-minimum cut expected in March. Today, rate markets are pricing in roughly-even odds of a quarter-point cut to come in September, with hopes of two total cuts in 2024 withering on the vine.

US Annualized Q1 Gross Domestic Product (GDP) slated for Thursday is forecast to ease to 1.3% from the previous 1.6%. Friday’s US PCE Price Index inflation on Friday is expected to hold steady at 0.3% MoM.

EUR/USD technical outlook

EUR/USD is cycling in familiar technical congestion, but a hidden bullish divergence of the Moving Average Convergence-Divergence (MACD) implies the pair could be primed for a push higher if bidders are able to springboard off of the 200-hour Exponential Moving Average at 1.0844.

However, the 200-day EMA at 1.0804 is acting as a price magnet, threatening to pull the pair down, and daily candlesticks are drifting into familiar middle territory. The daily MACD is also easing back into directionless territory.

EUR/USD hourly chart

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.0857
Today Daily Change -0.0002
Today Daily Change % -0.02
Today daily open 1.0859
 
Trends
Daily SMA20 1.0799
Daily SMA50 1.0776
Daily SMA100 1.0813
Daily SMA200 1.0788
 
Levels
Previous Daily High 1.0868
Previous Daily Low 1.0841
Previous Weekly High 1.0884
Previous Weekly Low 1.0805
Previous Monthly High 1.0885
Previous Monthly Low 1.0601
Daily Fibonacci 38.2% 1.0857
Daily Fibonacci 61.8% 1.0851
Daily Pivot Point S1 1.0844
Daily Pivot Point S2 1.0829
Daily Pivot Point S3 1.0817
Daily Pivot Point R1 1.0871
Daily Pivot Point R2 1.0882
Daily Pivot Point R3 1.0897

 

 

AUD/USD steady around 0.6640 ahead of Aussie’s inflation data

The Australian Dollar registered minuscule losses against the US Dollar on Tuesday amid higher US Treasury yields.
Read more Previous

GBP/USD trims gains above 1.2750 amid US Dollar rebounds

The GBP/USD pair trades with mild losses around 1.2760 during the Asian session on Wednesday.
Read more Next