{"id":70059,"date":"2024-05-31T17:04:47","date_gmt":"2024-05-31T07:04:47","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=70059"},"modified":"2024-05-31T17:09:55","modified_gmt":"2024-05-31T07:09:55","slug":"trade-the-euro-on-the-us-pce-price-index-data-release","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/trade-the-euro-on-the-us-pce-price-index-data-release\/","title":{"rendered":"Trade the Euro on the US PCE Price Index Data Release"},"content":{"rendered":"\n<p>Traders are eagerly awaiting the result of today\u2019s PCE Price Index Data update early in the New York session. It is well touted as the Fed\u2019s favourite inflation indicator and with the FOMC still laser-focused on getting inflation back to its target level, today\u2019s data print should see volatility and trading opportunities. The Euro is the dollar\u2019s biggest trading pair in the market, and it is setting up nicely for some good moves in today\u2019s trading sessions. The expectation is for a 0.3% month-on-month increase and anything significantly off that print should see some big moves in the market.<\/p>\n\n\n\n<p>It has recently peaked just under 1.0900 for the third time and traders will be targeting that level if today\u2019s data shows slowing inflation in the states. Short-term trendline resistance on the hourly chart also comes in around that level with further resistance just 50 pips further north on the longer-term Daily charts. Initial support on the hourly chart now comes in just under the 1.0700 level and this could come under threat if we see a print substantially higher than expected. &nbsp;<\/p>\n\n\n\n<p><strong>Resistance 2<\/strong>&nbsp;\u2013 1.0950 \u2013 Long-term Trendline Resistance<\/p>\n\n\n\n<p><strong>Resistance 1<\/strong>&nbsp;\u2013 1.0900 \u2013 Short-term Trendline Resistance<\/p>\n\n\n\n<p><strong>Support 1<\/strong>&nbsp;\u2013 1.0685 \u2013 Short-term Trendline Support<\/p>\n\n\n\n<p><strong>Support 2&nbsp;<\/strong>\u2013 1.0599 \u2013 2024 Low<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/Euro-Hourly-1.png\"><img decoding=\"async\" loading=\"lazy\" width=\"972\" height=\"587\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/Euro-Hourly-1.png\" alt=\"\" class=\"wp-image-70062\" srcset=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/Euro-Hourly-1.png 972w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/Euro-Hourly-1-300x181.png 300w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/Euro-Hourly-1-768x464.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Traders are eagerly awaiting the result of today\u2019s PCE Price Index [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":70060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[462],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70059"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=70059"}],"version-history":[{"count":3,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70059\/revisions"}],"predecessor-version":[{"id":70065,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70059\/revisions\/70065"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/70060"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=70059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=70059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=70059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}