EUR/USD: Dollar Rebounds and Technical Indicators Signal...
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EUR/USD: Dollar Rebounds and Technical Indicators Signal Potential Upside
EUR/USD faced a decline on Tuesday, reaching its lowest point in nearly two weeks at 1.0940, as the US Dollar (USD) initiated a decisive correction after a lackluster performance in the closing weeks of 2023.
Technical Landscape:
As the new trading day unfolds, the price opens with a bearish tone, navigating within the 50% and 61.8% Fibonacci area within a bullish channel. Notably, the 100 moving average acts as a dynamic support, potentially influencing the pair's trajectory.
USD Rebound and Market Sentiments:
With limited high-tier data releases, the USD gains traction from a souring market mood and a steady recovery in US Treasury bond yields on Tuesday. The US Dollar Index, which experienced a 2% dip in December, rallied nearly 1% on the first trading day of 2024.
Upcoming Economic Data:
In the latter part of the day, the US economic docket is set to feature the ISM Manufacturing PMI data for December and the JOLTS Job Openings report for November. Market expectations anticipate the ISM Manufacturing PMI to inch higher to 47.1 from November's 46.7. A reading surpassing 50 could provide a boost to the USD upon immediate reaction. Conversely, a noticeable decline in job openings may exert downward pressure on the USD.
Anticipated Bullish Impulse:
Building on our technical analysis and taking into account the forthcoming economic data, there is an expectation for a potential bullish impulse in the EUR/USD pair. The interplay between technical indicators and fundamental factors sets the stage for a dynamic trading environment as investors await key data releases.
As EUR/USD navigates the early trading sessions of 2024, the rebounding US Dollar and the alignment of technical signals become pivotal factors. The anticipation of a bullish impulse, coupled with the release of crucial economic data, creates an environment where traders remain alert to potential opportunities in the evolving currency landscape.
Our preference
Long positions above 1.0724 with targets at 1.1140 & 1.1200 in extension.
EUR/USD faced a decline on Tuesday, reaching its lowest point in nearly two weeks at 1.0940, as the US Dollar (USD) initiated a decisive correction after a lackluster performance in the closing weeks of 2023.
Technical Landscape:
As the new trading day unfolds, the price opens with a bearish tone, navigating within the 50% and 61.8% Fibonacci area within a bullish channel. Notably, the 100 moving average acts as a dynamic support, potentially influencing the pair's trajectory.
USD Rebound and Market Sentiments:
With limited high-tier data releases, the USD gains traction from a souring market mood and a steady recovery in US Treasury bond yields on Tuesday. The US Dollar Index, which experienced a 2% dip in December, rallied nearly 1% on the first trading day of 2024.
Upcoming Economic Data:
In the latter part of the day, the US economic docket is set to feature the ISM Manufacturing PMI data for December and the JOLTS Job Openings report for November. Market expectations anticipate the ISM Manufacturing PMI to inch higher to 47.1 from November's 46.7. A reading surpassing 50 could provide a boost to the USD upon immediate reaction. Conversely, a noticeable decline in job openings may exert downward pressure on the USD.
Anticipated Bullish Impulse:
Building on our technical analysis and taking into account the forthcoming economic data, there is an expectation for a potential bullish impulse in the EUR/USD pair. The interplay between technical indicators and fundamental factors sets the stage for a dynamic trading environment as investors await key data releases.
As EUR/USD navigates the early trading sessions of 2024, the rebounding US Dollar and the alignment of technical signals become pivotal factors. The anticipation of a bullish impulse, coupled with the release of crucial economic data, creates an environment where traders remain alert to potential opportunities in the evolving currency landscape.
Our preference
Long positions above 1.0724 with targets at 1.1140 & 1.1200 in extension.
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