The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The dollar still has a chance to resume growth. This will happen if Federal Reserve Chairman Jerome Powell's speeches today and tomorrow differ sharply in hawkish statements regarding the need to continue the fight against inflation and maintain interest rates at high levels for extended periods. Additionally, the U.S. Labor Department's report for February, to be published on Friday at 13:30 GMT, exceeds market expectations at 200,000+ new jobs and an unemployment rate of 3.7%.
Powell will speak for the second time tomorrow, and before his speech, at 13:15 (GMT), the ECB will announce its decision on interest rates.
For now, the EUR/USD pair continues to develop an upward correction against the backdrop of positive macro statistics. This was facilitated, in particular, by the more positive revised estimates of European PMI published on Tuesday.
The PMI for the entire Eurozone in the services sector increased to 50.2, not 50.0, as per the initial estimate, entering the zone of accelerated activity. The composite Eurozone PMI in the manufacturing sector also turned out to be better than the initial estimate, at 49.2 compared to the earlier 48.9.
As for tomorrow's ECB meeting, economists agree that the bank's leaders will maintain the key interest rate at 4.5%. More important for market participants will be hearing the ECB leaders' opinions on the prospects of monetary policy in the Eurozone and the assessment of the current state of the region's economy.
Currently, investors are pricing in the first rate cut in June. However, unexpected opinions expressed in accompanying statements and the ECB press conference can significantly impact the euro's dynamics in either direction.
From a technical standpoint, EUR/USD attempts to consolidate and develop an upward trend in the medium-term bullish market zone – above the key support level of 1.0805, while remaining in the long-term bearish market zone – below the key resistance level of 1.1000. Technical indicators RSI, OsMA, and Stochastic on daily and weekly charts favor buyers.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।