Focus on EURUSD today – 25th April 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for 25th April 2024. 

Key Takeaways 

• US first quarter data: US is expected to release its first quarter GDP and PCE data later today. Beforehand, US inflation and ISM data for both sectors exceeded expectations, implying possibility of US subjecting to higher inflationary pressure in the long run. Such hypothesis will be further confirmed by tonight’s data which will increase the possibility of prolonging high interest setting for the year. This will also in return push US dollar higher. 
• ECB to cuts interest rates in June: European Central Bank signaled to cut interest rates during its upcoming meeting. However, policymakers remain uncertain over the timeline and its implications after a rate cut. ECB Governing Council member Nagel commented last Wednesday that EU zone inflation looks seemingly “stubborn” and further easing in terms of policy may not be executed right after a rate cut in June. His latest comment expands the divergence in policy between both EU and US, which in return props up the demand for the latter’s currency.  

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator: The indicator issued bullish signal in the oversold threshold. In line with its trend, the pair may extend its bullish momentum for short-term, towards the nearest moving average line.  
• Upper resistance price: The pair remains well below the 200-MA line (green) while constantly receiving pressure from the upside. Short-term upside may be short-lived and limited to the level near 1.0724, that may coincide with 33-MA line (red).  

1-hour Chart Analysis 

• Stochastic Oscillator: The indicator continues to ascend following previous formation of the bullish signal. Current trend momentum and price action may lead to an extension in rebound and readjustment of its structure. However, be wary of possible short fall in momentum due to strong pressure up top.  
• Moving average support: The pair regain some support after being cradled by the 200-MA line (green). Overall momentum is skewed towards upside but its rise may be limited due to possible selling pressure at previous high. A failure to rise further upwards thereafter may warrant a deep correction. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 1.0715, 
• Bullish Scenario: Bullish sentiment prevails above 1.0715, first target 1.0730, second target 1.0745; 
• Bearish Outlook: In a bearish scenario below 1.0715, first target 1.0680, second target 1.0665. 

Conclusion 

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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.