empty
 
 
pk
سپورٹ
فوری اکاونٹ کھولیں
تجارتی پلیٹ فارم
رقم جمع کروانا / نکلوانا

16.05.202405:20 Forex Analysis & Reviews: Forecast for EUR/USD on May 16, 2024

EUR/USD

Yesterday's market rally was spectacular: S&P 500 up 1.17%, gold up 1.55%, euro up 0.69% (64 pips). However, what's spectacular about it is not so much the price dynamics as the unexpected market reaction to the US data. Both the core and CPI came out at forecast levels: 3.6% y/y (compared to 3.8% y/y in March) and 3.4% y/y (compared to 3.5% y/y previously), respectively. Retail sales for April was unexpectedly flat against an expected increase of 0.4%.

Exchange Rates 16.05.2024 analysis

The nature of the euro's rise remains corrective. After yesterday's momentum, the pair may continue to rise for another 2-3 days, during which time the price could reach the level of 1.0943 - the peak of March 21, after which it could fall back below 1.0905 with consolidation and the prospect of declining to 1.0796. If the price successfully surpasses 1.0943, it could also reach the target range of 1.1001/10, formed by the peaks of December 14 and January 11.

Exchange Rates 16.05.2024 analysis

On the 4-hour chart, the price continues to rise above the indicator lines, and the Marlin oscillator appears to be trying to enter the overbought zone. Its support is getting weaker, but adjacent markets are pushing the euro higher.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

ابھی فوری بات نہیں کرسکتے ؟
اپنا سوال پوچھیں بذریعہ چیٹ.