Elliott Wave Live: Can Euro rally?Mar 4, 2024

The USD experienced a decline on Friday following the release of the US Manufacturing PMI, a key indicator of economic health, which came in at 47.8, below the expected 49.5. This lower figure could potentially ease inflationary pressures, bringing the market closer to anticipating a rate cut by the Fed. Additionally, earlier in the week, the US Core PCE Price Index met expectations, registering at 2.8%, albeit down from the previous reading of 2.9%. This prompts speculation regarding when the Fed might decide to take action, or how long it will maintain current interest rates. More insight may be gained following the release of the US ISM Services PMI tomorrow and the US NFP report on Friday. Moreover, this week also features the ECB rate decision, with members displaying a more hawkish stance. This raises questions about whether the EURUSD pair could witness further upward movement. Presently, there are indications of a modest recovery on an intraday basis, with bunds also showing signs of stabilization.

Consequently, I am considering the possibility of further upside for the EURUSD pair, while the dollar could continue its intraday decline amid a risk-on environment.

I will talk about the markets in our elliott wave webinar later at 15CET.




Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.