EURUSD 28/05/2024
Macroeconomic News:
The EUR/USD pair saw little movement on Monday, trading near 1.0860 after the US market closed for a long weekend. This week, European economic data is sparse, while the US PCE inflation data is the main highlight. Traders are looking for signs of potential rate cuts from both the ECB and the Fed. Germany's CPI is expected to be released on Wednesday, with economic growth forecasted at only 0.2% MoM in May. In the US, Q1 GDP and the PCE inflation index will dominate the latter half of the week, with expectations of GDP slowing to 1.4% and PCE inflation remaining steady at 0.3% MoM. The Eurozone HICP and Germany's retail sales data will also be released on Friday.
Technical Analysis:
The EUR/USD pair has rebounded from recent lows to the 1.0878 region, but the bullish momentum remains weak, facing multiple technical resistance levels just below the psychological barrier of 1.0900. Although the EUR/USD is still above the 200-day Exponential Moving Average (EMA) at 1.0810, it remains down from its 2024 opening level near 1.1036.
The EUR/USD pair saw little movement on Monday, trading near 1.0860 after the US market closed for a long weekend. This week, European economic data is sparse, while the US PCE inflation data is the main highlight. Traders are looking for signs of potential rate cuts from both the ECB and the Fed. Germany's CPI is expected to be released on Wednesday, with economic growth forecasted at only 0.2% MoM in May. In the US, Q1 GDP and the PCE inflation index will dominate the latter half of the week, with expectations of GDP slowing to 1.4% and PCE inflation remaining steady at 0.3% MoM. The Eurozone HICP and Germany's retail sales data will also be released on Friday.
Technical Analysis:
The EUR/USD pair has rebounded from recent lows to the 1.0878 region, but the bullish momentum remains weak, facing multiple technical resistance levels just below the psychological barrier of 1.0900. Although the EUR/USD is still above the 200-day Exponential Moving Average (EMA) at 1.0810, it remains down from its 2024 opening level near 1.1036.
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