Jurik Moving Average Strategies - EUR/USD Pulls Back Off 3-Month Highs to Trade at About 1.0968

Jurik Moving Average Strategies

Dec 31 2023 • 0 seconds

The EUR/USD currency pair on Wednesday pulled back off the current 3-month highs of about 1.1017 to trade at about 1.0968. The currency pair continues to trade within a descending channel formation in the 60-min chart. Wednesday’s pullback pushed the currency pair closer to the 100-hour moving average line. However, the pair still seems to have a lot of room left to run before reaching the oversold levels of the 14-hour RSI. From a fundamental perspective, the EUR/USD currency pair is trading at the back of a relatively busy period in both markets. On Wednesday, the preliminary German consumer price index for November missed the (MoM) expectation of -0.2% with a change of -0.4%. The (YoY) equivalent also fell short of 3.5% with a change of 3.2%. The preliminary harmonised index of consumer prices failed to match the (MoM) forecast of -0.3% with a change of -0.7%, while the (YoY) equivalent missed 2.7% with a change of 2.3%. Elsewhere, the EU economic sentiment indicator for November beat the estimate of 93.7 with a reading of 93.8. In the US, the preliminary annualised US gross domestic product for Q3 grew by 5.2%, exceeding the expectation of 5%, up from the previous quarter’s growth rate of 4.9%. The preliminary US gross domestic product price index for the quarter matched the expected growth rate of 3.5%, equaling the change reported in the previous period. On the other hand, the preliminary personal consumption expenditures prices for Q3 missed the expected (QoQ) change of 2.9% with a change of 2.8%. Technically, the EUR/USD currency pair appears to be trading within a descending channel formation in the 60-min chart. This indicates a significant short-term bearish bias in the market sentiment. Therefore, the bears will be targeting extended declines at about 1.0951 or lower at 1.0932. On the other hand, the bulls will look to pounce on rebounds at about 1.0990 or higher at 1.1009. In the daily chart, the EUR/USD currency pair appears to be trading within an ascending channel formation. The pair has now rallied to trade closer to the overbought levels of the 14-hour RSI.  Therefore, the bears will be targeting potential pullback profits at about 1.0881 or lower at 1.0789. On the other hand, the bulls will look to pounce on profits at about 1.1054 or higher at 1.1140.



SOURCE : https://tradertalks-net.translate.goog/s/23463?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp

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