EUR/USD (week of 14-18/11)

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Weekly Summary

Euro-Dollar shifts up to 1.032, after ending the last session at zero (down 0%) .

A good end to the trading week, EUR/USD is up to 1.032, after closing yesterday at zero. Overall, a 0% move or 10,319 pips this week. (Trade Euro-Dollar with FXTM now).

On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000.

Meanwhile, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million. Euro Zone Core Consumer Prices came out at 5%, while a consensus of analysts was expecting 5%.

Outlook for rest of the week: Positive indicators for the Euro are expected going forward as Germany Business Climate Index is projected to outperform its last figure with 85. It previously stood at 84.3; data will be released Thursday.

The market is looking forward to the release of new data: Germany GDP figure is projected at 0.3. It previously stood at 0.3; data will be released Friday. Euro Zone ECB President Lagarde speech is scheduled Sunday.

Nov. 18, 2022

Weak sentiment sees Euro-Dollar posting 0.44% loss

(23:00) GMT

Trading lower, Euro-Dollar is currently down 45 pips as it ranges between 1.0317 and 1.0396 so far today.

While price action maintains a negative bias, Euro Zone Consumer Price Index came out at 10.6%, while a consensus of analysts was expecting 10.7%. Euro Zone CFTC EUR speculative net positions released today at 19:30 UTC with a figure of 107,600, while the previous figure was 107,600. United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million.

EUR/USD could begin to recover as it approaches significant support, now 7 pips away from 1.0328. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the Euro peaked above its 200 day Simple Moving Average around 1.0373 — typically an early indicator of a new bullish trend beginning to emerge.

Technical analysis shows that Euro-Dollar (currently on a downtrend) might reverse course and start going up in the short term.

In the meantime, negative performances are also seen in other pairs as EUR/NZD closed at 1.6777 (down 0.77%). EUR/GBP closed at 0.8685 (down 0.55%).

Positive performances can be seen by looking at other currencies as having closed the previous session at 1.5811, GBP/CAD is up 0.63% today to currently trade at around 1.5911.

Euro-Dollar is now trading 8% away from its significant low of 0.9596 first tested a month ago.

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