EUR/USD weekly special report based on 1.00 Lot Calculation:
● EVENT (FED CHAIRMAN JEROME POWELL TESTIMONY BEFORE CONGRESS - MARCH 6 - 7, 2024): Federal Reserve Chair Jerome Powell is to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC. The testimony is in two parts; the first is a prepared statement, then the committee conducts a question-and-answer session. The Q&A portion of the testimony could see heavy market volatility for the duration.
● EVENT (THURSDAY, MARCH 7, 2024, 13:15 GMT): ECB INTEREST RATE DECISION: The ECB is anticipated to maintain rates at 4.5%. Recent data indicates a decline in inflation in major economies such as Germany, Spain, and France. The Eurozone's preliminary inflation for February dropped to 2.6%, down from 3.8% in the previous month. ECB President Lagarde emphasised the need for more evidence before price increases could return to the 2% target level.
● EVENT (FRIDAY, MARCH 8 AT 13:30 GMT): US NONFARM PAYROLLS (NFP) AND UNEMPLOYMENT RATE (FEBRUARY): The United States is set to release its Non-Farm Payrolls and Unemployment Rate data on March 8th 2024. The previous NFP reading came in higher than expected (353K vs 187K) and the current expectation for February is 190K (Source: Bloomberg). If NFP comes in lower than 190K, this could push the EURUSD price higher.
● EVENT (TUESDAY, MARCH 12 AT 13:30 GMT): US INFLATION (FEBRUARY): The United States is expected to release its CPI Inflation data for the month of February on March 12th, 2024. The last reading showed a decrease from 3.4% to 3.1% which shows a declining trend in inflation. If the latest reading comes in lower than expected (3.1%), this could push the EURUSD price higher.
● EVENT (WEDNESDAY, MARCH 20, 2024) FEDERAL RESERVE INTEREST RATE DECISION: The United States Federal Reserve will be making a decision on interest rates on March 20th, 2024.The Fed has kept interest rates at 5.5% since July 2023 and markets are expecting rates to remain unchanged at the March meeting. Markets will be focused on Fed Chairman Powell’s speech after the meeting for indications and guidance as to when interest rate cuts can be expected.
EURUSD, March 4, 2024
Current Price:1.085
|
EUR/USD |
Weekly |
|
Trend direction |
|
|
1.160 |
|
|
1.130 |
|
|
1.100 |
|
|
1.071 |
|
|
1.069 |
|
|
1.065 |
Example of calculation based on weekly trend direction for 1.00 Lot1
|
EUR/USD |
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|
Pivot Points |
||||||
|
Profit or loss in $ |
7,500.00 |
4,500.00 |
1,500.00 |
-1,400.00 |
-1,600.00 |
-2,000.00 |
|
Profit or loss in €² |
6,911.77 |
4,147.06 |
1,382.35 |
-1,290.20 |
-1,474.51 |
-1,843.14 |
|
Profit or loss in £² |
5,915.97 |
3,549.58 |
1,183.19 |
-1,104.31 |
-1,262.07 |
-1,577.59 |
|
Profit or loss in C$² |
10,170.30 |
6,102.18 |
2,034.06 |
-1,898.46 |
-2,169.66 |
-2,712.08 |
1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 09:40 (GMT) 4/3/2024
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