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EUR/USD lost its shine on board-based US dollar buying. It hit a high of 1.06293 at the time of writing and is currently trading around 1.05199.
The European Central Bank (ECB) is expected to cut its key interest rate by 25 basis points to 3.00% in its upcoming meeting on December 12, 2024, to manage inflation and support economic growth in the eurozone. Eurozone inflation is at 2.3%, slightly above the ECB's target, but analysts believe it is under control. All economists surveyed predict this rate cut, with some suggesting a possible larger cut of 50 basis points. Previous cuts have already been made in June, September, and October 2024. Further cuts are anticipated in 2025, which may bring the deposit rate down to about 1.75%, aiming to stimulate the economy amidst political instability in key countries.
Technical Analysis Overview
The pair remained below both short-term (34 and 55-4H EMA) and long-term (200-4H MA) moving averages.
Resistance and Support Levels
Resistance Levels: Near-term resistance is at 1.0550. A breakout above this could push the pair towards targets at 1.0600/1.0660/1.070/1.0760/$1.0835, and possibly 1.0900. Major bullish momentum is expected only if prices surpass 1.1000, which would open the door to 1.1070 and 1.1150.
Support Levels: Immediate support is at 1.0500. A drop below this could lead to further declines to 1.0480/1.0460/1.0435/1.0400/1.0370/1.0330/1.0240.
Indicator Insights
Indicator Insights (4-Hour Chart): The Commodity Channel Index (CCI) indicates a bullish trend, while the Average Directional Movement Index (ADX) suggests a neutral outlook.
Suggested Trading Strategy
Given the weak sentiment in technical indicators, a sensible strategy would be to sell on rallies around the 1.0550 mark, with a stop-loss at 1.0600 and a target price of 1.0435 for potential gains.
