Today's Focus: EUR/USD - May 31, 2024
US Rate Cut Focus: US GDP rate revised to 1.3%, consumer spending and inflation declining. April home sales hit -7.7%, the lowest level since February 2021.
Core PCE Annual Rate: The Core PCE Price Index for April released today is crucial; high inflation may boost the USD index.
Technical Analysis Highlights:
- Stochastic Oscillator: Bearish signal after overbuying. The fast line is below the midline; the slow line is near the midline - bearish potential.
- Key Levels: 1.08260 bearish signal low point; 1.08080 pivot zone. Below 1.08080 indicates potential euro depreciation; above may suggest an upward trend.
Pivot Indicators:
- Pivot Price: 1.0805
- Bullish Scenario: Above 1.0805, targets are 1.1850 and 1.0865.
- Bearish Scenario: Below 1.0805, targets are 1.0785 and 1.0770.
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