EUR News

The euro area current account surplus declined in December, the European Central Bank said on Friday.

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Germany's retail sales growth accelerated notably in January, data published by Destatis revealed on Monday.

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The eurozone economy expanded at a slower pace in the fourth quarter, as initially estimated, due to the fall in household spending, revised data from Eurostat showed on Tuesday.

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Germany's consumer price inflation jumped To 7.3% to its highest level highest since 1981. The consumer price index rose 7.3 percent year-on-year, after a 5.1 percent increase in February, preliminary data from Destatis showed Wednesday. Economists had forecast a 6.3 percent inflation.

The chart (above) was made using Metatrader 5 with Simple BrainTrading Ichi trading system
(this trading system is attached to the post as zip archive).

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The Euro suffered punishing losses in the first quarter of 2022. The currency is on pace to shed almost 3 percent against an average of its major counterparts, marking the worst three-month performance in 7 years.

Daily price is on primary bearish market condition located below Ichimoku cloud by trying to break 1.0874 support level to below for the bearish trend to be continuing with 1.0805 as a nearest possible target. Alternatively, if the price bounces from 1.0805 level to above so we may see the ranging near and below Ichimoku cloud with 1.1184 daily bullish reversal target.
Conclusion: bearish ranging.

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The Euro suffered punishing losses in the first quarter of 2022. The currency is on pace to shed almost 3 percent against an average of its major counterparts, marking the worst three-month performance in 7 years. Taken together with losses in the second half of last year, the Euro is poised to give up nearly 4.5 percent over the course of nine months.

Daily/Weekly price is located far below 200 SMA in the bearish area of the chart: the price is trying to break the bearish triangle pattern by crossing 1.0805 support level to below for the strong primary bearish trend to be continuing and with 1.0757 nearest target to re-enter.

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Eurozone industrial production rose more than expected in February after falling in the previous month, data from Eurostat showed on Wednesday. Industrial output rose 0.7 percent month-on-month in February, reversing a 0.7 percent decrease in January, which was revised from a no change reading. Economists had forecast a monthly growth of 0.2 percent.

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The war and high inflation took German consumer confidence to a new historic low, survey results from the market research group GfK showed on Wednesday. The forward-looking consumer sentiment index declined more-than-expected to -26.5 in May from revised -15.7 in April. The expected score was -16.0. The score remained even below the previous record low.

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The euro continues to lag major central banks as far as rate hikes are concerned, leaving it vulnerable over the medium term despite warnings from ECB officials.

Daily price is located far below 200 SMA in the bearish aeea of the chart with the oversold market condition. The price is testing the bearish triangle pattern with 1.047 support level to below for the bearish trend to be continuing. Alternatively, the price will be on the secondary ranging with the primary bearish waiting for the direction of the strong trend to be started.

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The Euro stabilized last week as the European Central Bank signaled that it would raise its main interest rate by July. The economic calendar offers few meaningful data releases; speeches by ECB President Christine Lagarde will garner the most attention.

Daily price is located below Ichimoku cloud inside symmetric triangle pattern within 1.0349/1.0606 support/resistance levels waiting for direction of the strong bearish trend to be continuing or the secondary ranging to be started.

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