In today’s Asian market session, the Euro dipped slightly against the US Dollar, positioning itself just under the 1.0860 threshold. Market participants are closely monitoring the Eurozone as it is slated to unveil its Consumer Price Index (CPI) inflation data later today, an announcement that could significantly influence Euro trading patterns. On the other side of the Atlantic, the United States has no major economic data releases scheduled for today, potentially shifting the focus solely to European economic indicators.
This keen focus on inflation figures is crucial for traders utilizing sophisticated trading tools, particularly artificial intelligence (AI) systems. Remarkably, users employing this AI technology have reported an impressive autopilot forecasting capability, achieving over 34% Return on Investment in the past 24 hours. Discover how this AI has revolutionized trading.
Technical analysis
Time Frame: 1 hour
EURUSD Support & Resistance Table – 17/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.0895 | Daily R2 |
| Resistance 1 | 1.0880 | Daily R1 |
| Support 1 | 1.0840 | Daily S1 |
| Support 2 | 1.0825 | Daily S2 |
EURUSD Indicator Table – 17/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Sell |
EURUSD Indicator / Period Table – 17/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Sell | Sell |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Buy | Buy |
EURUSD 17/05/2024 – Reference Price : 1.0860
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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