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Jun. 24, 2021

Is the bullish run coming to an end? Euro/Dollar ranges around 1.1932

Live - Updated 20 minutes ago.

In the midst of a 5 days bullish trend Today's session might suggest a slow down – Euro/Dollar trading at 1.1932 with no clear-cut direction, ranging between 1.1956 and 1.1918.

This limbo state for Euro is reflected by market data published as Germany Business Climate Index beats expectations of 100.6 with new data release of 101.8. This is also a step forward from the previous data of 99.2. United States Initial Jobless Claims released earlier shows an improvement to 411,000 from the preceding data of 418,000, but falls short of the projected 380,000. Data for Germany Current Assessment (Jun) released today at 8:00 AM comes out at 99.6, beating projections of 97.8 and showing improvement over the preceding figure of 95.7.

A study of Euro's graph shows key levels to watch: EUR/USD resistance level is at 1.2251. In terms of trend indicators, we can see that at 1.1909, Euro made an initial breakout below the 3 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that The lower Bollinger band is at 1.183, indicating a positive move might be next.

Overall, the technical analysis picture suggests Euro/Dollar is neutral for the immediate future, with no clear-cut direction.

Other markets show mixed performance as USD/HKD trades close to 7.7631, with no major change. Nasdaq up to 14,376(0.73%), adding to its four days of gains.

Data to be released later might clear up some of the fog for Euro as Germany GfK Consumer Climate (Jul) is projected to rise to -4, beating the previous -7 figure. Official data is expected tomorrow at 6:00 AM. France Jobseekers Total is expected tomorrow at 10:00 AM. Italy 10-Year BTP Auction is expected tomorrow at 10:00 AM.

Euro/Dollar started the year by losing 2.44%. A study of Euro/Dollar's past performance indicates that it is currently on an up trend that started around 1 year, 3 months ago.

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Week to date

Euro/Dollar gains 84 pips to erase previous losses, trading higher at 1.1932 after 2 months low .

Trading week in a glance - EUR/USD goes up to 1.1932, having dipped down to 1.1847 earlier. (Start trading Euro/Dollar at FXTM today).

This move comes while some more positive signs for Euro/Dollar are out as Germany Business Climate Index beats expectations of 100.6 with new data release of 101.8. This is also a step forward from the previous data of 99.2. United States Initial Jobless Claims released earlier shows an improvement to 411,000 from the preceding data of 418,000, but falls short of the projected 380,000.

More data out yesterday as data for Germany Current Assessment (Jun) released today at 8:00 AM comes out at 99.6, beating projections of 97.8 and showing improvement over the preceding figure of 95.7. Germany Business Expectations matches expectations with new data release of 104. This is also a step forward from the previous data of 102.9.

Euro/Dollar shows positive signs, other assets are also on par: GBP/NZD hits 1.996, highest price in 10 months. USD/SGD hits a new 2 months high at 1.3476.

At the same time at 151.29, Pound/Yen is down to its lowest value in 8 weeks.

Outlook for rest of the week: Market is looking forward for Germany Unemployment Change expected do decline to -9,000 when its preceding data was -15,000, data will be available Wednesday.