EURUSD Hovers Above 1.080 Ahead of JOLTS Report

The EURUSD currency pair maintained its position above the 1.0800 level on Tuesday following the release of key economic data from Germany and the Eurozone ahead of JOLTS report. 

The data revealed that the Eurozone GDP experienced a slight growth of 0.1% on an annual basis in the fourth quarter. In contrast, the German economy showed a contraction of 0.2% during the same period, aligning with earlier expectations.

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EURUSD Predictions

In an intraday analysis of the EUR/USD asset, the recommendation is a BUY at an entry price (pivot) of 1.0810, with target and take profit levels set at 1.0850 and 1.0865, respectively.

The suggestion is a risk of 2% per trade. It’s important to note that this analysis pertains to the intraday period, focusing on the spot market. Additionally, the Relative Strength Index (RSI) does not exhibit significant downward momentum.

The Pound Sterling Faces Pressure Ahead of Central Bank Decisions

The Pound Sterling is facing pressure as the Bank of England (BoE) prepares for its interest rate decisions amidst high inflation and a challenging economic outlook. At the same time, the Federal Reserve (Fed) is expected to outline its plans for a 75 basis points rate reduction in 2024. Consequently, GBP/USD is gradually declining as investors adopt a cautious stance ahead of the central banks’ interest rate decisions, which are anticipated to maintain unchanged rates for the fourth consecutive time.

GBPUSD Daily Chart

While the BoE is projected to maintain its current stance, the guidance on the interest rate trajectory will be pivotal in influencing the Pound Sterling’s future trajectory. The central bank must carefully navigate between fragile domestic and international economic conditions and persistent inflationary pressures. Prolonged higher interest rates could dampen labor market and demand dynamics, whereas a dovish signal could reignite inflationary pressures.

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Disclaimer:

All information has been prepared by TraderFactor or partners. The information does not contain a record of TraderFactor or partner’s prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may read it. Past performance is not a reliable indicator of future performance. 

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Author

• 
  Zahari Rangelov

  Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.

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