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01.03.2024 09:32 AM
Technical Analysis of EUR/USD for March 1, 2024
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EUR/USD Outlook Amidst Global Economic Dynamics: A Fundamental and Technical Perspective

Key Takeaways:

  1. The EUR/USD pair is experiencing mixed signals with technical indicators suggesting a balanced buying and selling sentiment.
  2. Global stock market gains and a bullish sentiment on the scoreboard indicate a favorable view among investors.
  3. Critical economic indicators point to a nuanced economic landscape with varying PMI data and regional economic policies.

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Fundamental Analysis:

Global markets have recently witnessed a positive uptrend with Wall Street indices closing higher — the S&P 500 up by 0.52%, Dow Jones by 0.12%, NASDAQ by 0.90%, and the Russell 2000 by 0.71%. The ripple effect continued in the Asia-Pacific markets, with significant gains noted in S&P/ASX 200 up by 0.6%, Nifty 50 by 1.3%, and Chinese indices up to 0.9%. The Japanese Nikkei rose by an impressive 1.9%, testing the 40,000-point level for the first time in history.

Futures for European indices point to a higher opening, with the DAX index futures trading above 17,800 points for the first time. This optimistic outset in Europe is amidst various economic announcements:

  • The Bank of Japan's Governor Ueda stated that Japan's economy is not in a situation suggesting sustained achievement of its inflation target.
  • RBNZ's Governor Orr expressed that New Zealand's economy is progressing as expected, but inflation remains too high, although it is decreasing alongside inflation expectations.
  • Deputy Governor Hawkesby of RBNZ indicated that New Zealand's monetary policy would remain restrictive to anchor inflation expectations around 2%.

Chinese manufacturing PMI dipped slightly in February, marking the fifth consecutive month below the 50-point threshold, while the services sector saw an increase. Australia and Japan reported a decline in their manufacturing PMI, indicating contraction. In contrast, cryptocurrency markets are seeing gains, and commodities, especially energy and precious metals, are trending upwards. The AUD and NZD emerge as the strongest among major currencies, while the JPY and CHF are lagging.

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Technical Analysis for EUR/USD as of March 1, 2024:

The EUR/USD pair shows a complex technical picture as indicated in yesterday's analysis (please take a look at the scenarios), so today we got this update:

  • Technical Indicators: Out of 22, 9 indicate a 'Buy', 8 a 'Sell', and 6 remain Neutral, presenting a relatively balanced outlook.
  • Moving Averages: Contrasting the above, 17 out of 18 moving averages signal a 'Sell', showing a potential downtrend on the horizon.
  • Sentiment Scoreboard: The overall sentiment is bullish, with a 60% bullish vs. 40% bearish stance. The past week has maintained this bullish sentiment, while the last three days have edged towards neutral.

Market Scenarios:

  • Bullish Scenario: The prevailing bullish sentiment and positive global market trends could support the EUR against the USD. If the bullish momentum persists, we might see a breakthrough resistance levels.
  • Bearish Scenario: The dominant 'Sell' signals from moving averages suggest that the EUR/USD might face downward pressure. A shift in sentiment or adverse economic data could exacerbate this trend.

In conclusion, the EUR/USD pair presents a challenging environment for traders, with fundamental indicators pointing towards a generally positive economic sentiment, while technical analysis signals a more cautious approach.

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Important Notice

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

Sebastian Seliga,
Analytical expert of InstaForex
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