EURUSD 27.05.2024
Macroeconomic News:
The EUR/USD pair is trading with slight gains around 1.0850 in early Asian trading on Monday. The stronger-than-expected preliminary PMI data for May from the Eurozone has supported the Euro (EUR). However, the possibility of the European Central Bank (ECB) cutting interest rates in the coming months may cap the pair's upside. Strong economic data from the U.S. and hawkish comments from the Federal Reserve (Fed) could spark speculation about delaying the easing cycle this year, with the probability of a Fed rate cut in September decreasing to 53% from 64% a week ago.
Technical Analysis:
The EUR/USD pair is currently trading at 1.0847 with a slight upward trend. The 20-day Simple Moving Average (SMA) is at 1.0792, while the 50-day SMA is at 1.0776. The first resistance level is at 1.0868, followed by the previous weekly high at 1.0884. If the pair surpasses these resistance levels, it could test higher levels such as 1.0889 and 1.0920. The first support level is at 1.0816, followed by the previous daily low at 1.0806. If it declines, the pair may find support at 1.0785 and 1.0763.
The EUR/USD pair is trading with slight gains around 1.0850 in early Asian trading on Monday. The stronger-than-expected preliminary PMI data for May from the Eurozone has supported the Euro (EUR). However, the possibility of the European Central Bank (ECB) cutting interest rates in the coming months may cap the pair's upside. Strong economic data from the U.S. and hawkish comments from the Federal Reserve (Fed) could spark speculation about delaying the easing cycle this year, with the probability of a Fed rate cut in September decreasing to 53% from 64% a week ago.
Technical Analysis:
The EUR/USD pair is currently trading at 1.0847 with a slight upward trend. The 20-day Simple Moving Average (SMA) is at 1.0792, while the 50-day SMA is at 1.0776. The first resistance level is at 1.0868, followed by the previous weekly high at 1.0884. If the pair surpasses these resistance levels, it could test higher levels such as 1.0889 and 1.0920. The first support level is at 1.0816, followed by the previous daily low at 1.0806. If it declines, the pair may find support at 1.0785 and 1.0763.
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