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The Euro is currently being pulled one way by a growing Eurozone economy and the other by a dovish ECB. The result is likely to be opportunities to trade the range in EUR/USD.
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This is a discussion on EUR Technical Analysis within the Forex Trading forums, part of the Trading Forum category; The Euro is currently being pulled one way by a growing Eurozone economy and the other by a dovish ECB. ...
The Euro is currently being pulled one way by a growing Eurozone economy and the other by a dovish ECB. The result is likely to be opportunities to trade the range in EUR/USD.
more...
The key question for EUR/USD traders in the coming week is whether all the negativity towards the Euro has now been so fully discounted that a rally is due. The answer? Probably not.
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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.
By the way, the Euro may bounce as the Ukraine crisis de-escalates.
The chart was made on weekly timeframe of Metatrader by using AllPivots indicator and AllAveragesCrossover indicator (attached).
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The Euro saw its best two-week performance since January as the markets boosted ECB rate hike bets and cooled Fed tightening expectations. EUR/USD still faces multiple obstacles next.
Daily price was bounced from 1.0349 support level to above for the bear matrket rally to be started. The price is trying to break the bullish triangle pattern with 1.0764 resistance level to above for the possible bullish reversal to be started. Alternatively, the price will be on secondary ranging below Ichimoku cloud.
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The euro came out of the intense week relatively unscathed as it heads into another stacked week full of key economic data while EUR/USD holds above 1.05.
The daily price is testing S2 Yearly Pivot to above for the secondary bear market rally to be started. Alternatively, if the price is bounced from S2 Yearly Pivot to below so the bearish trend will be continuing with the possible ranging way for example.
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The euro came close to parity with the US dollar on Friday and looks likely to reach it. Germany records its first trade deficit in over 30 years and may have to ration gas.
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The Euro is facing a week full of high-risk events and the single currency is looking at the ECB for stability and guidance on Thursday. Expect further EUR/USD volatility.
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The Euro slightly gained as the US Dollar weakened. US GDP shrinking once again placed more focus on a pivot from the Federal Reserve. Are markets wrong? All eyes are on non-farm payrolls data.
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The fundamental forecast for the Euro next week is neutral as the US CPI bounce fades.
The daily price is on ranging near and below Ichimoku cloud for trying to cross the resistance level at 1.0368 to above for the primary daily bullish reversal. Alternatively, the price will be on secondary ranging waiting for the direction of the strong trend to be started.
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