EURUSD -SELL

6 Jun 2024

• Dropping like a stone
  
  
• Some what of a Pinbar above rejection to go higher as a rule
  
• Sellstops and Targets Hit at Reistence
  
  
• They normally drop back to previous levels 80% chnace
  

EUR

• Deposit Facility Rate: Neutral impact (Actual met consensus).
  
• ECB Interest Rate Decision: Neutral impact (Actual met consensus).
  

USD

• Continuing Jobless Claims: Slightly weaker (Actual higher than consensus).
  
• Initial Jobless Claims: Weaker (Actual higher than consensus).
  
• Jobless Claims 4-week Average: Slightly stronger (Actual lower than consensus).
  
• Balance of Trade: Weaker (Larger deficit than previous).
  
• Exports: Stronger (Higher than consensus).
  
• Imports: Weaker (Higher than consensus, indicating a larger trade deficit).
  
• Based on this analysis, the Euro appears relatively stable, while the Dollar shows some signs of weakness, particularly in terms of unemployment and trade balance.
  

Key Points:

• EUR Strength: The Euro's strength is currently limited due to the bearish outlook post-ECB decision and the potential for future rate cuts.
  
• USD Strength: The USD remains supported by expectations of prolonged high-interest rates by the Federal Reserve, despite some weak economic data points.
  

Conclusion:

• Given the mixed economic signals, the USD may see some pullback against the Euro in the short term due to recent weak job data. However, the overall strength of the USD, supported by the Fed's stance on interest rates, could limit the Euro's gains
  

Just some blurb to fill the box : )