Eurodollar Trends Upward, Faces Resistance at 200-Day Moving Average【February 21, 2024】

February 21, 2024

Markets Analysis

Fundamental Analysis

  • The discussion of potential U.S. interest rate hikes surfaces again as the fight against inflation appears incomplete.
  • The market’s gaze turns towards the detailed minutes of the Federal Open Market Committee (FOMC) due early tomorrow, with several speeches from the Federal Reserve officials in line.
  • The atmosphere of caution mounts as the financial world anticipates the disclosures from Nvidia, an entity known to have buoyed stock prices.

EURUSD Technical Analysis

Studying the daily chart for the Eurodollar, the trend has been rampantly bullish, notably moving above the Ichimoku’s Base Line. Recent market performance saw it breaching the Kijun Sen (Base Line) yesterday, but it met a substantial level of resistance, grounding it to about 1.0810USD.

Whilst the circadian price development led to the belief of a down-trending segue due to an ejected uptrend, the token currency rather faced a pullback. The RSI curtails at 48, signifying the demand to recognize the risk of a bounce. As minutes from the U.S. FOMC become ready for early divulgement tomorrow, Eurodollar’s match may see clear high tides fluctuation.


Day Trading Strategy (1-Hour Chart)

Analyzing the one-hour Eurodollar trend promises constant surges, breaching the 1.08USD range ceiling, followed by a shunt upwards to about 1.0830USD. It managed to put heads above the 200 Moving Average canopy with acclamation from the cloud ascendance. By contrast, evidence of a losing trade hovered beneath the redressed Base Line, putting moorings to the test.

After RSI gatecrashed the 70 ceiling, a strong bear-stroke pledged a quicker 58 region reoccurrence. When digging into the one-hour timepiece about daily hints, even persuasive swings up could find challenging the runs betwixt the panicles and the 200-Day Moving Average, cautioning that the feature is far from a free surgeonship. Being a connoisseur of time, stepping bear-ish through and through today would be keen; rather than bargain settings, juggles in bit-slep, swing-trading with a perspective putsch below to 1.0787USD feels against the yarn.

Support and Resistance Lines

Upcoming significant support and resistance lines:

1.0826USD – Roost of significant constraint
1.0787USD – Pavestone project substance


Market Sentiment

EURUSD Sell: 73% Buy: 27%

Today’s important economic indicators

Economic indicators and eventsJapan time
Australian Wage Price Index9:30
Speeches by Members of the US Federal Open Market Committee (FOMC)22:00
Minutes of the FOMC Meeting4:00 the following day

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

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