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EUR/USD Eyes Support at 1.0800, US Futures Rebound Post-Fed, Gold Awaits Equity Market Fluctuations

By Research Team Wednesday, Mar 27, 2024
EUR/USD

    • 12:07D1
    • High1.08306
    • Low1.08242
    • Close1.08303

EUR/USD is trading at 1.08300, 0.02% down since previous day close. EUR/USD is trading in negative territory for two consecutive days near 1.0830 due to renewed USD demand. The pair maintains a bearish outlook above the key EMA and RSI, with the first upside barrier near 1.0853 and potential support level at 1.0800. The key resistance level is near 1.0853, with a break above this level paving the way for a 100-period high. A potential support level is at the 1.0800 round mark, representing the lower limit of the Bollinger Band. As seen in the chart, the pair has broken support with strong bearish candle, hence downside moment is expected till major support.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0899
R2 1.0870
R1 1.0858
Turnaround 1.0841
S1 1.0817
S2 1.0795
S3 1.0776
By Research Team Wednesday, Mar 27, 2024
US100

    • 1:05D1
    • High18537
    • Low18470
    • Close18534

US100 is trading at 18480, 0.21% up since previous day close. U.S. stock index futures rose in evening deals on Tuesday, signaling some recovery on Wall Street after three consecutive days of losses amid uncertainty ahead of more cues on inflation and the Federal Reserve. Nasdaq 100 Futures rose 0.2% to 18,485.0 points. Markets remain in a holding pattern until key inflation figures and Fed officials’ addresses. As seen in the chart, the index has a reversal resistance, downside is expected.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18745
R2 18620
R1 18565
Turnaround 18502
S1 18385
S2 18300
S3 18206
By Research Team Wednesday, Mar 27, 2024
GOLD

    • 2:35D1
    • High2182
    • Low2176
    • Close2177

XAU/USD is trading at 2179.6, 0.05% up since previous day close. Gold price (XAU/USD) is struggling to gain momentum due to diverging forces, including doubts about the Fed’s three-time rate cuts this year and traders waiting for the release of the US Personal Consumption and Expenditure (PCE) Price Index data. The Fed’s projection of a less restrictive monetary policy and three rate cuts by year-end is a tailwind for the non-yielding Gold price. Russia’s increased attacks on Ukrainian energy infrastructure and Iran-backed Houthi militants have tempered investors’ appetite for riskier assets. As seen in the chart, market has been rejected from resistance  could go upside for retest.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2229
R2 2210
R1 2197
Turnaround 2182
S1 2164
S2 2150
S3 2164
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