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Wednesday, February 28, 2024

Each day Foreign exchange Information and Watchlist: EUR/USD

Market gamers could also be on vacation mode nowadays, however I’m nonetheless seeing some respectable strikes on EUR/USD.

Is the pair gearing up for a fast retest?

Try these near-term inflection factors!

Earlier than transferring on, ICYMI, Friday’s watchlist checked out AUD/JPY’s transfer in the direction of a significant assist zone. Remember to take a look at if it’s nonetheless play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Knowledge:

U.S. pending house gross sales flat in November vs. estimated 0.8% m/m uptick, following earlier upgraded 1.2% decline to carry at lowest degree on document

U.Ok. Nationwide HPI confirmed no change in home costs for December vs. estimated 0.1% m/m uptick, chalking up a 1.8% decline year-to-date

PBOC set yuan at stronger degree with USD/CNY at 7.0827, its lowest degree since Might

Swiss KOF financial barometer up from positively revised 97.2 studying to 97.8 in December vs. projected drop to 96.9 due to stronger manufacturing exercise

Spanish flash CPI down from 3.2% y/y to three.1% in December vs. estimated 3.2% determine with core inflation exhibiting extra indicators of easing

Value Motion Information

Overlay of USD vs. Major Currencies Chart by TradingView

Overlay of USD vs. Main Currencies Chart by TradingView

It was one other comparatively quiet day within the monetary markets, as merchants are probably closing their books and chillin’ earlier than the New 12 months festivities over the subsequent few days.

Main pairs had been largely caught in ranges, though the greenback did handle to chalk up some respectable features in opposition to its safe-haven rivals particularly the yen and franc. On the flip facet, the commodity currencies such because the Aussie and Kiwi held on to a couple winnings due to developments in China.

Because it seems, the PBOC set the yuan at a stronger degree with USD/CNY at 7.0827, its lowest for the reason that finish of Might, which has been bullish for AUD and NZD.

Upcoming Potential Catalysts on the Financial Calendar:

U.S. Chicago PMI at 2:45 pm GMT

Use our new Forex Warmth Map to rapidly see a visible overview of the foreign exchange market’s value motion!  ️

EUR/USD 15-min Forex Chart by TV

EUR/USD 15-min Foreign exchange Chart by TV

This pair has been transferring sideways in the present day, as vacation doldrums appear to be weighing on FX volatility.

Nonetheless, profit-taking earlier than the 12 months lastly involves a detailed would possibly result in a fast pop greater, presumably taking value as much as the close by space of curiosity.

EUR/USD is hovering near the damaged assist zone close to the pivot level degree (1.1090) that is perhaps sufficient to maintain features in test. In that case, the pair may resume its slide to the draw back targets at S1 (1.1030) and even S2 (1.1000) at a significant psychological mark and intraweek lows.

A transfer above the realm of curiosity, nonetheless, may pave the way in which for a check of the upside limitations at R1 (1.1120) then R2 (1.1170) if euro bulls refuse to again down.

Do word, although, that Spain’s flash CPI for December fell wanting estimates whereas the core model of the report confirmed extra indicators of easing, probably dampening hopes of ECB tightening anytime quickly.

In the meantime, the U.S. greenback has the Chicago PMI determine to sit up for, presumably triggering a last bout of volatility earlier than the tip of the week.

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