In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for Aug 29, 2024. 

Key Takeaways 

• Nvidia Report: Nvidia’s latest revenue forecast is lower than the most optimistic market expectations, raising concerns that its explosive growth may be weakening. Nvidia expects revenue to reach approximately $32.5 billion in the third quarter. Although analysts’ average expectation is $31.9 billion, the highest estimate is $37.9 billion. After the earnings report was released, Nvidia’s U.S. stock initially rose before declining, falling more than 8% in after-hours trading. Nvidia ranks second in market value within the S&P 500 index, with a weight of about 6.5%, so its performance could have a significant impact on the overall market. 

• Dollar Eyes PCE: The focus of the market this week is the U.S. personal consumption expenditures (PCE) data to be released on Friday, which is the Federal Reserve’s preferred inflation indicator. Before that, investors will receive more clues about the direction of U.S. interest rates from speeches by Federal Reserve Board Governor Waller and Atlanta Fed President Bostic on Wednesday, local time. 

Technical Analysis 

Daily Chart Insights 

(EUR/USD Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator sent a bearish signal in the ovebought area yesterday and formed a top divergence with the exchange rate trend. Theoretically, the exchange rate is likely to adjust downward, and investors should pay attention to short trading opportunities. 

• End of month trading: This week is the last trading week in August. Based on the excessively strong rise in the exchange rate in the previous period, there is a high probability of a correction at the end of the month and on weekends. Therefore, it is necessary to pay attention to the target support price below in the short term. 

• Support price: The exchange rate is currently blocked near 1.110, which is the high point created by the euro against the US dollar at the end of last year. After being broken through, it has become a strong support level. At the same time, this price is also near the upward channel and the 65-month moving average. If the exchange rate falls and breaks through the support level, the exchange rate may usher in a deep adjustment. 

1-hour Chart Analysis 

(EUR/USD H1 Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator sends a bullish signal in the oversold area, suggesting that the bullish force has the upper hand in the short term during the Asian session, and it is worth paying attention to long trading opportunities in the short term. 

• Rebound target price: The exchange rate is currently in the rebound stage, and the downward channel line and the red 33-period moving average are potential target prices. Investors need to pay attention to the price action of the exchange rate at that time. 

Pivot Indicator 

(EUR/USD 30 Minutes Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 1.1140, 

• Bullish Scenario: Bullish sentiment prevails above 1.1140, first target 1.1155, second target 1.1170; 

• Bearish Outlook: In a bearish scenario below 1.1140, first target 1.1105, second target 1.1090. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.