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Jan. 31, 2023

The Euro is trading at 1.086 following disappointing Consumer Confidence data from the United States

Live - Updated 2 minutes ago.

Overall, the Euro had a 0.03% move or 3 pips today and is currently trading at 1.086.

  • United States's Consumer Confidence new data released of 107.1 below its previous figure.
  • In contrast to today's gains, the Euro has been on a 5 day bearish trend during which it lost 58 pips of its value.

Data for Germany Unemployment Change published today at 08:55 UTC came out at -15,000, beating projections of 5,000 and showing improvement over the preceding figure of -13,000. United States Consumer Confidence published today at 15:00 UTC came out at 107.1, falling short of the 109 projections and continuing its decline from the previous 109 figure.

After reaching the known resistance zone beginning at 1.0865, EUR/USD price action retreated approximately 4 pips. Despite posting gains so far today, the Euro slid below its 21 day Simple Moving Average at 1.0817 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at 1.0937, thereby suggesting that the Euro is becoming overvalued. On the other hand, note that Fibonacci-focused traders would be interested to note that Euro-Dollar is oscillating around the key Fibonacci resistance level of 1.0854.

The Euro is likely to reverse course and start pointing downward in the short term.

Euro Zone Consumer Price Index figure is projected at 9%. It previously stood at 9.2%; data will be released tomorrow at 10:00 UTC. Euro Zone ECB Press Conference will be released tomorrow at 13:45 UTC.

USD/CHF is down to 0.9188, losing 62 pips, after closing at 0.925 in the preceding trading session. After ending yesterday's session at 1.653, GBP/CAD lost 100 pips and is trading around 1.643. USD/CAD stumbles 0.38% to trade around 1.3334.

Having set a significant low of 0.9596 4 months ago, Euro-Dollar is trading 13.13% higher.

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Week to date

The Euro is slightly up to 1.086 (a 0% gain) after closing the previous session at zero .

Trading week at a glance - EUR/USD is up to 1.086, after closing yesterday at zero. Overall, a 0% move or 10,860 pips this week. (Trade Euro-Dollar with FXTM now).

Uptick comes while some more positive signs for the Euro are out as highly important Unemployment Change data from Germany beat analyst expectations of 5,000 with a reading of -15,000. New Business Climate Index data from Germany matched market expectations with a reading of 90.2 -- a positive step in contrast to previous data of 88.6 from last month. United States Consumer Confidence published today at 15:00 UTC came out at 107.1, falling short of the 109 projections and continuing its decline from the previous 109 figure.

Meanwhile, Italy 10-Year BTP Auction released today at 10:10 UTC with a figure of 4.28, while the previous figure was 3.96. Data for Euro Zone GDP released today at 10:00 UTC is better than expected with 0.1, but worse than previous figure of 0.3.

Furthermore, the market is looking at Euro Zone Deposit Facility Rate (Feb) is scheduled for Thursday. Euro Zone Interest Rate is expected Thursday. Euro Zone ECB Marginal Lending Facility scheduled to come out Thursday.