EURUSD Plunges as French and German Economic Indicators Deteriorate【September 24, 2024】
Fundamental Analysis
Weak French and German PMIs Weaken the EUR
EURUSD Facing Potential Double Top Formation
EURUSD Faces Resistance at 1.12 USD, Unable to Break Through
EURUSD technical analysis
Analyzing the daily chart of EURUSD. EURUSD is currently supported by the 28-day moving average (MA). It may also be forming a double top pattern. With weak French and German PMIs, EUR selling pressure has intensified.
If EURUSD falls below the 28-day MA, it could decline to around 1.105 USD. The RSI is at 55, indicating that a pullback could still occur. With the ECB continuing to implement rate cuts, EURUSD might be subject to further selling pressure.
Day trading strategy (1 hour)
Analyzing the 1-hour chart of EURUSD. EURUSD is trading around the 200-day moving average (MA). Following the PMI release yesterday, EURUSD plunged. Although it rebounded from the 200-day MA, the upward momentum didn’t continue.
The RSI is at 41, and the focus is on whether EURUSD will break below the 200-day MA again.
The day trading strategy is to sell. If EURUSD breaks below the 200-day MA, a sell entry should be made, with a take-profit target around 1.105 USD. If it rises above 1.1150 USD, a stop should be placed.
Support/Resistance lines
The following support and resistance levels should be considered going forward:
1.12 USD – Round Number
1.105 USD – Fibonacci 100% Level
Market Sentiment
USDJPY: Sell 32%, Buy 68%
Today’s important economic indicators
Economic indicators and eventsJapan timeAustralian Policy Rate Announcement(Expected: No change in interest rates)13:30U.S. Consumer Confidence Index23:00
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
