Focus on EURUSD today – 14th FEB 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for 14th February 2024. 

Key Takeaways 

• US inflation hovers at a high level: Yesterday, US consumer prices rose more than expected in January while the swap market fully priced for a rate cut in July. The US dollar index rose linearly during the U.S. trading session, hitting a three-month high. 
• Divergence in monetary policy: Market participants expect the European Central Bank to lower borrowing costs for the first time in April or June. If the European Central Bank cuts interest rates earlier than the Fed, the euro may receive substantial selloff pressure. 

Technical Analysis 

Daily Chart Insights 

• Price Action: The pair retreated to the previous low of 1.07954, forming bearish candlestick in the process. Due to its closure below the previous low, overall bias is skewed towards the downside. 
• Fibonacci retracement level: The current exchange rate has touched 61.8% Fibonacci retracement level of the previous upward trend. In theory, when a rapid downward trend encounters a similar resistance level, a substantial downfall may suggest the possibility for a rebound or reversal in the short run. 

1-hour Chart Analysis 

• Stochastic Oscillator: The indicator begins to form bullish signal in the oversold region, skewing overall bias towards the upside. Overall, the pair may rebound in short-term due to the previous substantial selloff. Then again, it is suggested to wait short bias as a rebound may be short-lived.  
• Descending channel: The pair fell through its descending channel while currently entering consolidation phase. A rebound may subject the pair to 33-period moving average and the lower boundaries of the channel. A close above both regions may confirm an upside bias. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 1.0740, 
• Bullish Scenario: Bullish sentiment prevails above 1.0740, first target 1.0755, second target 1.0775; 
• Bearish Outlook: In a bearish scenario below 1.0740, first target 1.0690, second target 1.0670. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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