EUR/USD news:
🔆Weakening U.S. economic data weighed on the U.S. dollar, as the Conference Board’s consumer confidence index dropped by 7 points in February to 98.3, marking its third consecutive decline, according to Tuesday’s data release.
🔆Meanwhile, Richmond Federal Reserve President Thomas Barkin projected another decrease in Personal Consumption Expenditure (PCE) inflation later this week, acknowledging the Fed’s progress in curbing inflation. Despite his positive outlook, Barkin stressed the importance of a cautious "wait and see" approach due to ongoing policy uncertainties.
🔆The EUR/USD pair strengthened as the Euro found support from rising optimism over potential fiscal expansion in Germany. Reports suggest that the country is considering a €200 billion emergency defense fund, fueling investor confidence.
🔆Additionally, Frederich Merz, leader of the Christian Democratic Union (CDU) and Germany’s incoming chancellor, has not dismissed the possibility of modifying the debt brake to finance crucial initiatives such as tax cuts, reduced energy costs, and increased military spending, further boosting sentiment around the Euro.
Personal opinion:
🔆EUR/USD is still maintaining its upward momentum based on good news from Europe. There will be a slight pullback due to the increase in the US 10-year bond yield but this is an opportunity to buy at a cheaper price than the market
Analysis:
Based on important resistance - support zones and Fibonacci levels combined with SMA50 to come up with a suitable strategy
Plan:
🔆Price Zone Setup:
👉Buy EURUSD 1.0470 – 1.0450
❌SL: 1.0420 | ✅TP: 1.0520 – 1.0560 – 1.0600
FM wishes you a successful trading day đź’°đź’°đź’°
🔆Weakening U.S. economic data weighed on the U.S. dollar, as the Conference Board’s consumer confidence index dropped by 7 points in February to 98.3, marking its third consecutive decline, according to Tuesday’s data release.
🔆Meanwhile, Richmond Federal Reserve President Thomas Barkin projected another decrease in Personal Consumption Expenditure (PCE) inflation later this week, acknowledging the Fed’s progress in curbing inflation. Despite his positive outlook, Barkin stressed the importance of a cautious "wait and see" approach due to ongoing policy uncertainties.
🔆The EUR/USD pair strengthened as the Euro found support from rising optimism over potential fiscal expansion in Germany. Reports suggest that the country is considering a €200 billion emergency defense fund, fueling investor confidence.
🔆Additionally, Frederich Merz, leader of the Christian Democratic Union (CDU) and Germany’s incoming chancellor, has not dismissed the possibility of modifying the debt brake to finance crucial initiatives such as tax cuts, reduced energy costs, and increased military spending, further boosting sentiment around the Euro.
Personal opinion:
🔆EUR/USD is still maintaining its upward momentum based on good news from Europe. There will be a slight pullback due to the increase in the US 10-year bond yield but this is an opportunity to buy at a cheaper price than the market
Analysis:
Based on important resistance - support zones and Fibonacci levels combined with SMA50 to come up with a suitable strategy
Plan:
🔆Price Zone Setup:
👉Buy EURUSD 1.0470 – 1.0450
❌SL: 1.0420 | ✅TP: 1.0520 – 1.0560 – 1.0600
FM wishes you a successful trading day đź’°đź’°đź’°
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Channel: signals - knowledge and FOREX comments
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Channel: signals - knowledge and FOREX comments
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.