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Eurusdtrend

EURUSD today!The future securities contract for the US stock market is trading mostly flat on Wednesday, ahead of the latest testimony from Federal Reserve Chairman Jerome Powell before Congress, and investors are looking for clues about future monetary policy. By 06:45 ET (10:45 GMT), the Dow Jones contract had increased by 15 points, or 0.1%, the S&P 500 contract had risen by 2 points, or 0.1%, and the Nasdaq 100 contract had declined by 10 points, or 0.1%. Wall Street's main indices closed lower on Tuesday, erasing some of the strong gains from the previous week after the Fed paused its year-long interest rate hiking cycle. The S&P 500 reached its highest level since April 2022 last week, and recorded its fifth consecutive positive week. Federal Reserve Chairman Jerome Powell began a two-day testimony before Congress on Wednesday, speaking before the House Financial Services Committee, just one week after the US central bank paused its year-long interest rate hiking cycle following 10 consecutive rate hikes. Economic data was mostly light on Wednesday, but US housing starts unexpectedly rose by 21.7% in May, the highest level since 2016, indicating that the housing sector is heading in the right direction to help boost economic
Short
by Sphyn-Trader
7
EURUSD Technical Analysis and Trade IdeaIn this video we take a close look at the EURUSD currency pair. We can see it is clearly retracing however in terms of an ideal entry long we need to take a close look at the chart and consider a few important points. In the video we discuss the trend, price action, market structure and I give you my view in terms of a potential trade idea. As always the video is for educational purposes only and is not to be construed as financial advice.
by fxtraderanthony
EURUSD: Economic influence!According to The Guardian on June 8, gross domestic product (GDP) across the eurozone fell 0.1% in the first quarter of this year, worse than the previous forecast that the eurozone economy just stalled. Specifically, Eurozone GDP shrank by 0.1% in the fourth quarter of 2022, meaning that the eurozone economy shrank for two consecutive quarters. The definition of a recession is an economic contraction for two consecutive quarters. The GDP of the Eurozone fell due to being dragged down by Ireland. Ireland's GDP fell 4.6% in the first quarter of this year, although economists have questioned whether that really reflects the performance of the Irish economy. The Lithuanian economy shrank 2.1%, while the Dutch economy shrank 0.7%. Germany, Europe's largest economy, shrank 0.3% and also fell into recession. The European economy has been hit by economic disruptions amid the conflict in Ukraine, which has sent energy and food prices soaring. This situation has led to a series of rate hikes, as the European Central Bank (ECB) seeks to combat higher inflation. Diego Iscaro, Head of European Economics at S&P Global Market Intelligence, forecasts that as the impact of higher interest rates has yet to be fully felt, economic activity in the eurozone will be sluggish throughout. remainder of 2023.
Short
by Sphyn-Trader
EURUSD: Meetings of leaders?Last week, the US Federal Reserve led a meeting with senior central banks to discuss monetary policy. As expected, they decided to pause their year-long cycle of interest rate hikes in order to assess its impact on inflation and the country's economic outlook. The Fed also indicated that there might be a rate hike in the near future, considering that consumer prices are still more than double their target of 2%. However, they emphasized the importance of upcoming economic data to justify these potential moves. This week, the focus will be on economic data related to the US housing market, first-time jobless claims, and the current account. Additionally, there will be two days of national hearings where Powell will address both houses of Congress.
Long
by Sphyn-Trader
4
EURUSD: Things you need to know!Fundamental analysis: The support and resistance zones are effectively fulfilling their role, as usual, by eliciting a response above the gold price line. The RSI indicator indicates that liquidity is slowly accumulating, which suggests a potential reversion to a downtrend. Market overview: The EUR/USD rose again, posting its highest daily close in a month above 1.0800, despite the US Dollar's recovery triggered by the hawkish hold from the FOMC. Attention now turns to the European Central Bank (ECB) meeting and upcoming US data, which could become more relevant given Fed Chair Powell's statement that the July meeting will be a 'live' meeting." The ECB will have its Governing Council meeting on Thursday. It is expected to hike interest rates by 25 basis points. The key for the Euro will be the language used in the statement and ECB President Lagarde’s comments during the press conference. Probably, she will repeat that they are not done raising rates. If the meeting turns out to be 'dovish', with signals of a potential pause, the Euro could suffer.
Short
by Sphyn-Trader
3
EUR/USD best level to buy + 267 PipsDear traders, after the bearish move for the last 1 month, EURUSD appears to be consolidating. A minor support at 1.0660 has been created and EURUSD is currently consolidating in a small range. However, since price has fallen below the 100-day EMA, bulls need to be a little careful . That being said, 1.0660 appears to be a good point to buy if price doesn't breach this level. So, traders can consider going long in EURUSD@1.0660 with SL below 1.06 and initial TP at 1.08 . Long-term traders can keep their final TPs at 1.11.
by YourLazyTrader
22
EURUSD: Tumultuous week!Overview of the market On Tuesday, the EUR/USD experienced a slight increase of fewer than 30 pips. However, this was enough to make it the Euro's best day in over a week. The pair's rebound was due to a decline in the US dollar against European currencies and the yen, after hitting two-month lows at 1.0670. In Spain, data indicated a decline of 0.2% in the Harmonized Index of Consumer Prices in May, causing an annual rate fall from 3.8% to 2.9%, which was larger than expected. Although this news was positive for the European Central Bank (ECB), it could have negative implications for the common currency. Inflation data from Germany and France is due on Wednesday, which could ease tightening expectations from the ECB if preliminary May estimates also show significant declines in their annual rates.
Short
by Sphyn-Trader
1