As European markets gear up for opening, futures contracts suggest a positive start. EuroStoxx index futures are showing a 0.5% increase, while DAX index futures are 0.4% up from the previous close. The AUD and USD emerge as strong performers among G10 currencies, contrasting with the weaker JPY and NZD. GBPUSD approaches the 1.26 mark, buoyed by robust UK retail sales. Meanwhile, the cryptocurrency sector witnesses growth, despite Bitcoin's slight pullback below $52,000.
Today's focus turns to the USA, with multiple significant releases. These include PPI inflation and real estate market data for January, and the University of Michigan's data for February. Speeches from Federal Reserve bankers could further influence USD markets.
Key Data Releases
Central Bankers' Speeches
EUR/USD has bounced from a low of 1.0696, with bulls attempting an upward movement. Despite overcoming short-term resistance, gains remain capped at 1.0723 and 1.0746, with a local high at 1.0785. Supports are identified at 1.0696 and 1.0676, and current momentum leans positively towards bullish control.
EUR/USD H1 Intraday Indicator Analysis:
Sentiment Analysis: The overall sentiment leans bullish (59% bullish vs. 41% bearish). This trend is consistent with last week's data (61% bulls vs. 39% bears), though the last three days have shown a neutral sentiment (50% bulls vs. 50% bears).
Key Levels for Traders:
Bullish traders should monitor for sustained movements above key resistance levels, indicating stronger bullish control. Conversely, bearish traders need to watch for price rejections at resistance or breaks below support, signaling potential downward trends. Both scenarios require close observation of pivotal levels, indicators, and market sentiment to navigate these market conditions effectively.
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
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*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.
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