free counter

EUR/USD climbs to 3-week highs past 1.0100

  • EUR/USD quickly gathers traction and surpasses 1.0100.
  • The greenback accelerates losses amidst prevailing risk-on mood.
  • EU Energy Ministers will meet later in the session.

The single currency regains the smile and fresh buying interest and lifts EUR/USD to new 3-week highs at night 1.0100 level by the end of the week.

EUR/USD bolstered by risk appetite

EUR/USD appears to have broken above the recent consolidative phase and advances north of the 1.0100 hurdle on the trunk of the solid improvement in the risk-linked galaxy on Friday.

Extra upside in the pair also derives fresh oxygen from the intense selling pressure in the greenback, which currently forces the united states Dollar Index (DXY) to confront multi-session lows in the 108.40 zone, all following new cycle highs near 110.80 recorded just a few sessions ago.

As market participants continue steadily to digest Thursdays unprecedented interest hike by the ECB, Fridays focus of attention is likely to shift to the EU Energy Ministers emergency meeting amidst the ongoing energy cruch in your community.

Over the pond, the only real release will undoubtedly be Wholesale Inventories for the month of July alongside speeches by Feds Evans, George and Waller.

What things to search for around EUR

EUR/USD fully reverses the recent weakness and advances on a significant convincing fashion well north of the parity level to print new multi-week tops following renewed offered stance in the buck.

Up to now, price action round the European currency is likely to closely follow dollar dynamics, geopolitical concerns, fragmentation worries and the Fed-ECB divergence.

On the negatives for the single currency emerge the up to now increasing speculation of a potential recession in your community, which looks propped up by dwindling sentiment gauges in addition to an incipient slowdown in a few fundamentals.

Key events in the euro area this week: Eurogroup Meeting, Emergency Energy Meeting (Friday).

Eminent issues on the trunk boiler: Continuation of the ECB hiking cycle. Italian elections in late September. Fragmentation risks amidst the ECBs normalization of its monetary conditions. Impact of the war in Ukraine and the persistent energy crunch on the regions growth prospects and inflation outlook.

EUR/USD levels to view

Up to now, the pair is advancing 1.09% at 1.0103 and today faces the original barrier at 1.0153 (55-day SMA) accompanied by 1.0202 (August 17 high) and 1.0344 (100-day SMA). On the other hand, the break down of 0.9863 (2022 low September 6) would target 0.9859 (December 2002 low) on the way to 0.9685 (October 2002 low).

Info on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled with this page are for informational purposes only and really should not at all run into as a recommendation to get or sell in these assets. You need to do your personal thorough research prior to making any investment decisions. FXStreet will not at all guarantee that information is clear of mistakes, errors, or material misstatements. In addition, it will not guarantee that information is of a timely nature. Buying Open Markets involves a lot of risk, like the lack of all or perhaps a part of your investment, in addition to emotional distress. All risks, losses and costs connected with investing, including total lack of principal, are your responsibility. The views and opinions expressed in this post are those of the authors and don’t necessarily reflect the state policy or position of FXStreet nor its advertisers. The writer will never be held accountable for information that’s found at the finish of links posted with this page.

Or even otherwise explicitly mentioned in your body of this article, during writing, the writer does not have any position in virtually any stock mentioned in this post and no method of trading with any business mentioned. The writer have not received compensation for writing this short article, apart from from FXStreet.

FXStreet and the writer usually do not provide personalized recommendations. The writer makes no representations regarding the accuracy, completeness, or suitability of the information. FXStreet and the writer will never be responsible for any errors, omissions or any losses, injuries or damages due to this information and its own display or use. Errors and omissions excepted.

The writer and FXStreet aren’t registered investment advisors and nothing in this post will be investment advice.

Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker