Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Euro Recouped Its Losses

ByDmitriy Gurkovskiy
Published 07/12/2021, 06:53 AM
Updated 07/09/2023, 06:32 AM

The major currency pair is rather neutral early in the week but the Euro remains quite confident against the USD. Improved risk attitude made the “greenback” fall earlier and the fact that the 10-year US bond yield rally wakened put additional pressure on the American currency.
 
This week, the USA is scheduled to publish the latest data on the Retail Sales and the CPI, and this keeps the USD on its toes.
 
The statistics published last week showed that the Unemployment Claims in the USA went up a little bit. As a result, market players started thinking that the labor market recovery after the pandemic wasn’t quite stable. The US Federal Reserve is carefully monitoring all numbers from the labor market and not going to make any important decisions until the sector is stable and confident. The same applies to inflation.
 
In the H4 chart, EUR/USD is forming another ascending wave with the target at 1.1956. After testing this level, the instrument may resume falling. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line has broken 0, thus indicating that the correction continues.
EUR/USD
As we can see in the H1 chart, the asset is also trading upwards and may soon reach the resistance level at 1.1956. Later, the market may test it and then resume trading downwards with the target at 1.1789. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: after rebounding from 20, its signal line is steadily moving upwards. Later, the line may continue growing towards 80.
EUR/USD
Disclaimer: Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.