In today’s Asian trading session, the euro experienced a slight decline against the U.S. dollar, with exchange rates falling below the 1.0860 threshold. This movement comes as investors and market participants eagerly await the release of CPI inflation data from the Eurozone, which could provide new insights into the economic health of the region and potential monetary policy shifts.
While the Eurozone focuses on its inflation figures, no significant economic announcements are scheduled for today from the United States, leaving the market’s attention predominantly on European indicators. The outcome of the CPI data could be crucial for the euro’s short-term trajectory, influencing investor sentiment and speculative positioning in currency markets.
Investors have been leveraging advanced AI tools to navigate these fluctuations, with some reporting substantial success. Notably, users of a particular AI system have managed to forecast these market movements in autopilot, generating over 34% return on investment in just the last 24 hours. More on this development can be found here.
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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