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Analysis and Education>Technical Analysis: EURUSD

Technical Analysis: EURUSD

24.05.2024

EURUSD reached a one-week low


On Wednesday, EURUSD was prone to fluctuation and decreased. It reached a one-week low of 1.0817 at one point.

 

The Fed released hawkish statements


As there is little progress in cutting the US inflation growth, officials at the Fed expressed their concerns, according to the meeting minutes from the federal reserves committee on May 22. The federal fund interest rate should be kept at the current level for a longer time to achieve the inflation target. Many officials at the Fed said the Fed is ready to further tighten policies if necessary.


The ECB is expected to cut the interest rate in June


The ECB kept the interest rate at a record high unchanged last month. However, the ECB made it clear that if the salary and the inflation are still at moderate levels, the ECB could cut the interest rate as early as June 6.


The bearish market trend prevailed in the short term

the Chart of the Day


On the chart of the day, EURUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing EURUSD will fall further. Investors should focus on whether EURUSD will break through the support at 1.079. It will fall further with potential support at 1.072 if it breaks below 1.079.

4-hour chart


On the 4-hour chart, EURUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing the bearish market trend prevailed. Investors should focus on whether EURUSD will break through the resistance at 1.085. It will fall further if it rebounds but is capped at 1.085.


Key resistance: 1.085, 1.090

Key support: 1.068, 1.064

 

Generally speaking, as the Fed released hawkish meeting minutes and the ECB is expected to cut the interest rate, EURUSD is more likely to fall further in the short term.

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