Fundamental Analysis

• The Euro-Dollar reaches the round number of USD 1.10
• Expectations of a US rate cut lead to a weakening dollar
• Focus is on today’s US GDP and upcoming US economic indicators

EURUSD Technical Analysis

Analyzing the daily chart of the Euro-Dollar market. Due to the impact of lower US interest rates, the Euro-Dollar is on an upward trend. It notably exceeded USD 1.10 temporarily, reaching up to USD 1.10080. This round number and the monthly resistance line overlap, suggesting the possibility of a temporary adjustment.

The RSI dropped to 70 and is now aiming to reach it again, currently at 64. Considering the end-of-month market trends, considering a contrarian selling strategy could be an option.

Day Trading Strategy (1-Hour Chart)

Analyzing the daily chart of the Euro-Dollar market. Due to the impact of lower US interest rates, the Euro-Dollar is on an upward trend. It notably exceeded USD 1.10 temporarily, reaching up to USD 1.10080. This round number and the monthly resistance line overlap, suggesting the possibility of a temporary adjustment.

The RSI dropped to 70 and is now aiming to reach it again, currently at 64. Considering the end-of-month market trends, considering a contrarian selling strategy could be an option.

Support and Resistance Lines

Upcoming resistance lines to consider:

USD 1.10 – Round number

Market Sentiment

EURUSD – Sell: 88%, Buy: 12%

Today’s Important Economic Indicators

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.