EUR/USD Forecast Today - 27/02: Floating Against USD (Chart)
Date
2/28/2024 1:15:06 AM
(MENAFN- Daily Forex)
Monday's trading session saw a slight early rally in the euro as there was still a lot of erratic behavior. When all else is equal, this market is still, to put it mildly, extremely range bound. I think this could be the prevailing behavior most of the year, truth be told.
As you can see, we started the Monday trading session by drifting a little bit lower before turning around and exhibiting signs of life once more. In the end, I believe that the EUR/USD market 's overall momentum will be problematic. I believe there may not be much momentum for a time. To be honest, hardly much will move the market in the 24 hours leading up to Tuesday. We're just going to wander aimlessly, I think. That's okay if that turns out to be the case. We'll just take a cursory glance at this, maybe attempting to choose which way we want to go in the long run. Having said that, I do think there are a few different aspects of this market you should be keeping an eye on.
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We will probably always be looking at the 50-day EMA and 200-day EMA indicators as being quite important when it comes to the market. And if that turns out to be the case, then you just need to consider whether market players will remain ambivalent or whether they will once more turn their attention to the Federal Reserve. After all, given that Germany is on the verge of a recession, it is highly possible that the ECB will need to lower interest rates this year.
As of right now, it is widely anticipated and recognized that the Federal Reserve will probably hold stable until later in the year, when they will begin to reduce. As a result, I believe that 2024 will be a very range-bound year, with the 1.07 level below acting more like a floor and the 1.10 level above acting more like a ceiling. In actuality, it falls within the trading range of 1.0750 to 1.07. Having said that, I don't think anything has changed and we are essentially just circling the center of this box.
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