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7 March 2024,03:01

Trading BlogTrading Knowledge

Trade Of The Day: Euro Soars On Upbeat Data And Powell’s Remarks

7 March 2024, 03:01

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euro soars on upbeat data and powell's remarks 7 March 2024

Fundamental Analysis

  • Eurozone Booms: Powell Sparks Buzz: The EUR/USD climbs to five-week high after the release of Eurozone Retail Sales data showed shoppers continued spending liberally in January and Fed’s Powell affirms hopeful inflation outlook. On the data front, Eurozone Retail Sales experienced a milder-than-expected decline of 1.0% at the beginning of the year, contrasting with economists’ predictions of a sharper 1.3% drop as consumers exercised caution in spending. Meanwhile, Fed Chair Powell foresees minimal risk of recession in the coming year. 

Technical Analysis

  • Technical Breakout: EUR/USD was traded higher while currently testing the resistance level 1.09115. MACD, which indicates ongoing bullish momentum signal coupled with bullish trend signal suggest the pair to potentially extend its gains. 

  • Resistance and Targets: Should the bullish momentum persist; the price would head towards the subsequent resistance level 1.09860 following a breakout above the resistance level 1.09115. However, a failure to surpass this resistance may lead to a technical retracement in the short term or even a potential reversal for the pair. 

Get more information on how you can analyse signals using chart patterns and technical analysis.

Potential Risks

While the pair is currently buoyed by positive data and dollar weakness, the attention is centered on the ECB for additional signals. The ECB is anticipated to maintain its current interest rates for the fourth consecutive time. The pivotal element will be ECB President Christine Lagarde’s press conference after the meeting, where her statements will be closely analyzed for any indications regarding the potential timing and extent of future interest rate reductions. 

Read some of the risk management strategies to help you in managing potential trading risks.


Stay updated on Eurozone data, ECB, and any shifts in the US Dollar’s strength by following our daily financial news or market insights articles.

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