In today’s Asian trading session, the euro maintained its position against the US dollar, hovering around the 1.0880 level.
Investors are closely watching the upcoming release of Consumer Price Index (CPI) inflation data from the Eurozone. This data is significant as it provides insights into the current level of inflation within the Eurozone economy.
Meanwhile, the United States is not expected to release any major economic data today, shifting the focus primarily towards developments in the Eurozone.
Opportunity Insights:
For traders and investors, the stability of the euro against the US dollar presents an opportunity to assess market sentiment and potential trading strategies.
If the CPI inflation data from the Eurozone exceeds expectations, indicating higher inflation levels, it could lead to a strengthening of the euro against the US dollar. On the other hand, weaker-than-expected inflation figures may exert downward pressure on the euro.
As always, traders should exercise caution and closely monitor economic indicators and market sentiment to make informed trading decisions.
Technical analysis
Time Frame: 1 hour
EURUSD Support & Resistance Table – 18/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.0918 | Daily R2 |
| Resistance 1 | 1.0905 | Daily R1 |
| Support 1 | 1.0869 | Daily S1 |
| Support 2 | 1.0856 | Daily S2 |
EURUSD Indicator Table – 18/03/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Buy |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
EURUSD Indicator / Period Table – 18/03/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Sell |
| RSI (14) | Buy | Buy | Neutral |
| SMA 20 | Sell | Buy | Buy |
EURUSD 18/03/2024 – Reference Price : 1.0888
| SELL | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (2)Sell (1) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
