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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).

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