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Today's focus: EUR/USD - May 31, 2024

Wilson
Wilson
05-31

Today's Focus on EUR/USD - May 31, 2024 U.S. Rate Cuts in Focus: U.S. GDP rate revised to 1.3%, with declines in consumer spending and inflation. Home sales in April fell to -7.7%, the lowest level since February 2021.

47d2ca7d-89c8-4a1a-abac-54987828199b

Today's Focus: EUR/USD - May 31, 2024

US Rate Cut Focus: US GDP rate revised to 1.3%, consumer spending and inflation declining. April home sales hit -7.7%, the lowest level since February 2021.

Core PCE Annual Rate: The Core PCE Price Index for April released today is crucial; high inflation may boost the USD index.

Technical Analysis Highlights:

  • Stochastic Oscillator: Bearish signal after overbuying. The fast line is below the midline; the slow line is near the midline - bearish potential.
  • Key Levels: 1.08260 bearish signal low point; 1.08080 pivot zone. Below 1.08080 indicates potential euro depreciation; above may suggest an upward trend.

Pivot Indicators:

  • Pivot Price: 1.0805
  • Bullish Scenario: Above 1.0805, targets are 1.1850 and 1.0865.
  • Bearish Scenario: Below 1.0805, targets are 1.0785 and 1.0770.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

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Exchange Rate

The exchange rate refers to the price of one currency expressed in another currency, namely, the exchange ratio between two currencies.

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