PU Prime App

Exclusive deals on mobile

  • Trading Knowledge  >  Trading Blog

1 March 2024,02:30

Trading BlogTrading Knowledge

Trade Of The Day: Is EUR/USD Finally Escaping Consolidation?

1 March 2024, 02:30

Share on:
eur/usd breakout from consolidation market trend 1 March 2024

Fundamental Analysis

German Data Disappoints, Economic Weakness: The EUR/USD lost its upward momentum following a mix of lackluster German Retail Sales and Consumer Price Index (CPI) report that fell short of expectations. January’s German YoY Retail Sales of -1.4% were slightly better than the forecast of -1.5%, reflecting a modest improvement from the previous -1.7%. Germany’s YoY CPI for February recorded 2.5%, below the projected 2.6% and a decline from the prior 2.9%. On U.S, despite the US Personal Consumption Expenditure Price Index (PCE) meeting market expectations, investor confidence hesitated due to persistently high US inflation, dissuading the Federal Reserve (Fed) from hasty rate cuts.

Technical Analysis

Technical Breakout: The EURUSD fell over half a percent from its daily high, currently testing the support level 1.08000. Near-term technical coupled with death cross from Moving average suggest the pair could set up for a steeper downside rejection.

Resistance and Targets: If the bearish momentum persists, a breach through the support level may lead to a test of the subsequent support at 1.08000. Conversely, a bullish recovery is anticipated if the pair avoids breaking the support level and exhibits positive signals, such as a bullish engulfing pattern in the candlestick analysis.

Learn more about Moving Averages and Support and Resistance levels to help you in technical analysis.

Potential Risk

Despite recent mixed data applying selling pressure, the Euro finds support in diminished expectations for swift ECB interest rate cuts. Traders, however, exercise caution in adopting assertive positions.

Read what are some risk management strategies to help you manage potential trading risks.


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

Dive into the action risk-free with a free demo account – the perfect way to hone your skills and explore the exciting world of trading!

Open Your Free Demo Account And Start Trading

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1


    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2


    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!