EUR/USD (week of 19-23/09)

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Weekly Summary

After ending the previous trading session at zero, the Euro is slightly up to 0.9691 (down 0%) .

A good end to the trading week, EUR/USD is up to 0.9691, after closing yesterday at zero. Overall, a 0% move or 9,691 pips this week. (Trade Euro-Dollar with FXTM now).

Uptick comes while some more positive signs for Euro-Dollar are out as Crude Oil Inventories in United States fell short of market expectations (2.16 million) with a reading of 1.14 million, continuing the decline from the previous figure of 2.44 million.

Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 218,000 with a reading of 213,000.

Meanwhile, Euro Zone CFTC EUR speculative net positions released today at 19:30 UTC with a figure of 33,400, while the previous figure was -11,800. Spain GDP came out at 1.5, better than analyst estimates of 1.1 and improving upon the previous reading of -0.2. United States Interest Rate came out at 3.25, while a consensus of analysts was expecting 3.25.

Outlook for rest of the week: Positive indicators for Euro-Dollar are expected going forward as Germany Unemployment Change is projected to outperform its last figure with 20,000. It previously stood at 28,000; data will be released Friday.

Also worthy of note, Euro Zone Consumer Price Index is expected Friday. Germany GDP is expected Monday.

Sep. 23, 2022

Weak sentiment sees Euro-Dollar posting 1.48% loss

(23:00) GMT

Euro-Dollar is sharply lower after losing 145 pips, declining as low as 0.9691.

Highly important Initial Jobless Claims data from United States beat analyst expectations of 218,000 with a reading of 213,000.

While price action maintains a negative bias, Euro Zone CFTC EUR speculative net positions released today at 19:30 UTC with a figure of 33,400, while the previous figure was -11,800. Spain GDP came out at 1.5, better than analyst estimates of 1.1 and improving upon the previous reading of -0.2.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger band at 0.977 suggests further losses may follow for Euro-Dollar.

In the short term, the Euro is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other pairs as GBP/USD tumbles 3.65% to trade around 1.0848. GBP/NZD closed at 1.8885 (down 1.97%). GBP/CAD plunges 2.92% to trade around 1.4744.

The Euro is now trading 6.55% below its 3-month high of 1.1741.

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