The EUR/USD pair is currently sitting at $1.08154 and is moving within a symmetrical triangle pattern on the 2-hour chart, suggesting market indecision.
With all-important economic releases and technical signals in play, traders are keeping a close eye on any decisive moves.
The pair's 50-period exponential moving average (EMA) sits at $1.08115, which serves as a key pivot point, and the relative strength index (RSI) of 52.71 indicates momentum is balanced between buyers and sellers. I am.
This setup creates a potential breakout scenario, with traders anticipating a change in direction depending on upcoming economic announcements.
A break above the immediate resistance at $1.08300 could send the pair heading towards higher levels, but a drop below the support could signal bearish momentum.
📊 EUR/USD
The Euro to US Dollar exchange rate is a widely traded currency pair. Its movements are influenced by ECB and Federal Reserve policies, economic indicators and interest rates. This currency pair has recently experienced increased volatility due to inflation, geopolitics, and changes in the global economy.
— Ghost (@GhstInDMachine) October 29, 2024
- Current price: $1.08154
- Pivot point (50 EMA): $1.08115
- RSI (14): 52.71 (neutral)
Economic data to watch: European and US indicators affecting EUR/USD
Key data from the US (October 29):
The United States recently released two important indicators:
- CB consumer confidence: The index rose to 108.7, exceeding the expected 99.5 and the previous reading of 99.2, indicating growing optimism about the economy.
- Job openings at JOLTS: The number of jobs reported was 7.44 million, lower than the expected 7.98 million, suggesting that the labor market is cooling slightly.
Upcoming European data (30th October):
A series of economic announcements from the Eurozone could shake up the EUR/USD pair.
- German CPI preliminary figures (month-on-month): The expectation was 0.2%, up from 0.0% previously.
- French consumer spending (mom): It is expected to fall from 0.2% to 0.1%.
- Changes in Germany's unemployment rate: The number of employees is expected to increase by 15,000.
- Eurozone GDP preliminary figures (compared to the previous quarter): Set it to 0.2% like the previous number.
These announcements, especially German inflation data and Eurozone GDP, could impact market sentiment and force EUR/USD out of its current triangle pattern.
Today's expected range is between 1.0794 (mPOC London) x 1.0866, previous session POC 1.0815 and current price. Eco Euro Germany GfK is positive, AM 10 USD is consumer confidence + shock. pic.twitter.com/Zpgal94ne0
— Trading range EURUSD (@TraderJJS) October 29, 2024
Technical level: Support for immediate resistance and guided trading
It is imperative for traders to closely monitor technical levels as EUR/USD sits within a symmetrical triangle pattern, indicating the possibility of an imminent breakout.
- Immediate resistance: $1.08300 – A break above this could indicate bullish strength.
- The following resistance: $1.08552 and $1.08718 – targets in case of an upward breakout.
- Immediate support: $1.08115 (50EMA) – Serves as a pivot point and important support level.
- Support for: $1.07869 and $1.07703 – Downside price targets if bearish momentum takes over.
Bottom line: wait for a breakout amid market indecision
EUR/USD is trading in a symmetrical triangle, with both bulls and bears vying for control. The technical setup and upcoming economic data create a high-stakes scenario where a breakout could determine the direction of the next trend. Traders are advised to monitor key levels and economic events for insight into the pair's expected trajectory.
Important points:
- EUR/USD has a symmetrical triangle pattern with breakout potential.
- Immediate resistance is at $1.08300 and support is at $1.08115.
- The release of upcoming economic indicators will be extremely important in determining what will happen next.
This balanced approach to technical and economic indicators provides traders with a solid foundation for making informed trading decisions.
