Dovish Fed, Hawkish ECB/BoE Shake EUR/USD
Central Bank Signals Amid Rate Cut Speculations: A Week of Dovish Fed and Hawkish ECB/BoE Meetings
FUNDAMENTAL OVERVIEW:
With markets considering potential 2024 rate cuts by the Fed, ECB, and BoE, EUR/USD rose by 0.3% after last week’s dovish Fed and hawkish ECB/BoE meetings. The currency pair is expected to trade within Friday’s 1.0885-1.1004 range, with a focus on contrasting signals from the dovish Fed and rebounding ECB.
EUR/USD Technical Overview:
- Moving Averages:
- Exponential:
- MA 10: 1.09 (Positive Crossover, Bullish)
- MA 20: 1.09 (Positive Crossover, Bullish)
- MA 50: 1.08 (Positive Crossover, Bullish)
- Simple:
- MA 10: 1.08 (Positive Crossover, Bullish)
- MA 20: 1.09 (Positive Crossover, Bullish)
- MA 50: 1.08 (Positive Crossover, Bullish)
- RSI: 58.86 (Neutral Zone)
- Stochastic Oscillator: 67.34 (Neutral Zone)
- Resistance Levels: R1 – 1.10, R2 – 1.11
- Support Levels: S1 – 1.06, S2 – 1.05
- Overall Sentiment: Bullish
- Market Direction: Buy
- Trade Suggestion: Limit Buy – 1.09, Take Profit – 1.11, Stop Loss – 1.08
