11 Mar, 2024
5 minutes
Daily Technical Analysis March 11th 2024
1. EUR/USD Analysis:
News Summary:
Signs of weakness in the US economy have fuelled bets that the Federal Reserve and the European Central Bank will cut interest rates almost simultaneously. Friday's mixed non-farm payrolls report prompted investors to increase bets on an earlier rate cut by the Federal Reserve and pushed the euro against the dollar to its highest level since January 12, up more than 1%.
Trend Analysis:
We can see EUR/USD peaked and then fell, but it was still above the 48 hours moving average, the MACD double line and energy column began to converge downward on H4 chart. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0800]
Key Resistance Levels: [1.1050]
Pivot Points [1.0900]
2. GBP/USD Analysis:
News Summary:
Sterling rose to a seven-month high against the dollar, extending a rally that has seen the currency outperform most major currencies this year. Behind the pound's outperformance is the money market's belief that the Federal Reserve is most likely to start cutting interest rates in June. The Bank of England's first action is not expected to begin until August.
Trend Analysis:
We can see GBP/USD encountered resistance and fell back, but it is still running above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column began to shrink downward above the zero axis. The sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.2700]
Key Resistance Levels: [1.2970]
Pivot Points [1.2890]