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Technical Outlook

  

-NAS100 to break above the $16096.87 level continuing it’s bullish trend. Trader to look for Buy opportunities on the lower time frame.

-EURUSD Price broke below the bullish channel and the recently formed support. A start of a short term bearish move may be due.

Fed Interest Rate Decision

Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the USD, while a lower than expected rate is negative/bearish for the USD.

The previous Actual data was 5.50%. The forecasted data is 5.50%. The report is due Wednesday, December 13, 2023, 23:30 GMT.

NAS100 Technical Analysis:

NAS100 is in an uptrend. The Daily TF looks bullish, with the price trading above the 50EMA. From July to Oct, the NAS100 took a significant pullback, sliding down from $15930.90 to $14056.86.

Till the price was in the pullback phase, the 50EMA range was along the price. The price broke the previously formed swing high of $15285.23 and went up again, continuing the bullish trend. The RSI line is at 63.94, signifying that the market is in an overbought condition.

The price currently is near the swing high. Traders may go for a BUY once the price breaches the $16096.87 level.

Pivot Points: NAS100

  Support  Resistance
S116070.54R116096.28
S216059.73R216111.21
S316044.81R316122.02

Eurozone Interest Rate Decision

The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the EUR, while a lower than expected rate is negative/bearish for the EUR.

The previous Actual data was 4.50%. The forecasted data is 4.50%. The report is due Thursday, December 14, 2023, 18:45 GMT.

EURUSD Technical Analysis:

EURUSD formed a bottom at $1.04508, after which the price started changing from a downtrend to an uptrend. The price began to form higher high and higher lower inside the bullish channel. It crossed the 50EMA on the way up, at which a higher low took support.

The price formed a new swing high at $1.10175 but did not form a higher low; instead, it is trading at the previous swing low price. Currently, the 50EMA is touching the current price.

Price broke below the bullish channel and the recently formed support. The recent support became the new resistance. Price may go for the retest and come back, as it seems to be losing the bullish pressure. The RSI line is at 44.72, showing neutral overbought and sold condition. Traders may wait for the price to breach above the resistance or take a retest at the broken zone.

Pivot Points: EURUSD

  Support  Resistance
S11.0759R11.0769
S21.0753R21.0773
S31.0749R31.0779

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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