EUR/USD (week of 16-20/01)

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Weekly Summary

Euro-Dollar drifts up to 1.0858 (a 0% gain) after closing the previous session at zero .

A good end to the trading week, EUR/USD is up to 1.0858, after closing yesterday at zero. Overall, a 0% move or 10,857 pips this week. (Trade Euro-Dollar with FXTM now).

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million.

Meanwhile, Euro Zone Consumer Price Index released Wednesday with a figure of 9.2%, while the previous figure was 10.1%. Germany ZEW Economic Sentiment Index came out at 16.9, while a consensus of analysts was expecting -15. Fresh CFTC EUR speculative net positions data from Euro Zone came out at 127,000. United States Existing Home Sales (Dec) came out at 4 million.

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 90.2, having previously been at 88.6. The figure will be published Wednesday.

Furthermore, the market is looking at Euro Zone ECB President Lagarde speech is scheduled for Monday. Germany GfK Consumer Climate (Feb) scheduled to come out Tuesday.

Jan. 20, 2023

Euro-Dollar goes back up to April 2022 levels, reaching 1.0864

(23:00) GMT

While yesterday ended at 1.0834, today, Euro-Dollar rallied above 1.0864 for the first time in 9 months and gained 23 pips — now trading at 1.0858.

The Euro is currently trading at 1.0858 following the release of Existing Home Sales (Dec) data from the United States.

At the same time, Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 127,000, while the previous figure was 135,000. United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. Germany Producer Price Index beat analyst expectations of -1.2% and the previous reading of -3.9% with new data of -0.4%.

Despite posting gains so far today, EUR/USD slid below its 5 day Simple Moving Average at 1.0811 in earlier trade — an early indicator that a negative trend could be emerging. Euro-Dollar could be slowing down soon; it is getting close to the resistance line and is now at 1.0885, only 26 pips away. Crossing the resistance line could, however, suggest that further gains are ahead. In contrast, price action remains constrained around the key Fibonacci level of 1.0854 currently serving as resistance

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Euro is set for a reversal in the coming days.

Elsewhere, other currency pairs are also gaining ground as EUR/JPY surges 1.15% to trade around 140.67.

Meanwhile, GBP/NZD is down to 1.915, losing 212 pips, after closing at 1.9363 in the preceding trading session. After ending yesterday's session at 1.6931, EUR/NZD lost 162 pips and is trading around 1.6768.

The Euro now trading 10.77% above its 3-month low of 0.9596.

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