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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Chart of the day - EURUSD (03.04.2024)

10:25 3 April 2024

Today, the Eurodollar saw increased volatility following the release of data from the Eurozone economy. The euro weakens after data indicated that preliminary eurozone CPI inflation for March came in below expectations at 2.4% versus 2.5% forecasts. The core CPI also settled below the 3% estimate, and the unemployment rate rose 0.1% to 6.5%. Overall, the data suggest an economic slowdown in Europe, and dovish comments from the ECB's Holzmann, indicate that keeping the ECB deposit rate above 3% may prove too restrictive given the current economic climate. Data from the U.S. continues to perform very solidly against the eurozone, and today the gap is likely to be widened when we learn ISM service sector data (3 PM GMT) and the ADP report from the U.S. private labor market (1:15 PM GMT). In both cases, the market expects readings slightly better than in February. A strong ADP employment change and ISM above 53 points could strengthen the dollar and put downward pressure on EURUSD. In addition, as many as 5 members of the Federal Reserve will speak today, including Jerome Powell (5:10 PM GMT)

EURUSD (D1 interval)

Eurodollar slipped below key support of SMA200 (red line), first time since August 2023. Real transaction volume show higher selling activity and if the pair will fail to increase above 1,08 where now we can see the most important resistance zone (SMA200, trend line), the pair may test even 1,06 levels. The pair is also trading in a potential head and shoulders bearish technical pattern, where a sustained loss of 1.08 could impose additional pressure from the technical side. In an extreme scenario, even testing 1.02 is not out of the question, but a more severe recession in Europe would be key to realizing such a big drop, with the US economy still very solid and the Fed delaying rate cuts.

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Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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