Ultima Markets:[Market Analysis]Unexpected hawking cannot stop the decline of the US dollar, and there is still a possibility of a breakthrough for the euro | investing.com

todayUltima Marketsbrought to youEURUSD on November 8, 2023in-depth analysis.

Fundamental Points
· Hawkish statement from Fed member: Fed Member Kashkari said that given the recent series of strong economic data, the Fed may have to take more measures to reduce inflation to the 2% target level. At the same time, regarding the issue of interest rate cuts, he said that the FOMC did not discuss the content of interest rate cuts.
· Powell will speak: Federal Reserve Chairman Powell will deliver a speech at the event tonight, and the market is paying attention to whether the chairman will release more forward guidance.

technical analysis
Daily chart analysis

(EUR/USD daily chart, sourceUltima Markets MT4)

· stochastic oscillator: After the indicator hovered at the 50 midline for a period of time, it issued a bull signal again. However, judging from the market situation, the current bullish trend is still not clear and needs to wait for important resistance levels to be broken before it can be confirmed.
· moving average combination: After the recent rise in the exchange rate, it encountered resistance to the moving average, then broke through the moving average after a correction, and then encountered resistance to the moving average again. Yesterday, the market touched the key 240-day moving average (green). Pay attention to whether the market will completely open up the upper space after the correction.

1 hour chart analysis

(EUR/USD1 hour chart, source Ultima Markets MT4)

· stochastic oscillator: After the indicator forms a long signal, the market does not rise rapidly. The price may still adjust, and the indicator may send a long signal again before looking for trading opportunities.
· moving average: The current 65-period moving average is the key support and resistance conversion level during the day. If the Asian market rebounds and breaks through 1.07047, the exchange rate will look towards the purple 2400 period moving average. On the contrary, if it falls below the black 65 moving average, the euro will still depreciate in the short term for a period of time.
· Fibonacci retracement levels: The market is blocked at the 38.2% retracement level. If it continues to break below, focus on the 50% retracement level, which is also the overlap position of the green 240-period moving average.

Disclaimer
The comments, news, research, analyses, prices and other information contained in this article can only be regarded as general market information and are provided only to help readers understand the market situation and do not constitute investment advice.Ultima Markets has taken reasonable steps to ensure the accuracy of the information, but cannot guarantee the accuracy of the information and may change it at any time without notice. Ultima Markets will not be responsible for any loss or damage (including but not limited to any loss of profit) that may be incurred directly or indirectly from the use of or reliance on such information.

author:
Ultima Markets