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Should We Keep an Eye on the Euro's Uptrend?

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Should We Keep an Eye on the Euro's Uptrend?

26.05.2022

Today's Highlights
  1. Kansas City Federal Reserve Bank Manufacturing Activity Index
  2. Remarks by Brainard, the Designated Next Vice Chair of the Federal Reserve

In the U.S. currency market the previous day, the euro, which had been strengthening, entered a correction phase, and the EUR/USD pair fell by about 100 pips from 1.074 to 1.064.On the 4-hour chart, the EUR/USD pair is finding support at the 20-period moving average (MA), and as it is nearing the completion of a retest of the 200-period simple moving average (SMA), I would like to wait and see whether it will break above the recent high of 1.074 with a real-body candle.

European currencies weakened as the ECB’s Financial Stability Report, released yesterday, stated that “global cost pressures could weaken the economic outlook for the eurozone.”The EUR/JPY pair fell by approximately 120 pips from 136.19 to 134.98. However, it has been trending higher during today’s Asian trading session. From a technical perspective, the EUR/JPY pair could move in either direction until it breaks decisively above the recent daily high of 138.31, so caution is advised.

Today, at 16:00 European time, Turkey’s Economic Confidence Index will be released, followed by the TCMB policy rate and statement at 20:00; and at 21:30 U.S. time, Canada’s Retail Sales, U.S. Initial Jobless Claims, U.S. Q1 GDP, and U.S. Personal Consumption will be released,U.S. Core PCE Deflator at 21:30, U.S. Pending Home Sales at 23:00,at 23:30, U.S. weekly natural gas inventories; at 24:00, the U.S. Kansas City Fed Manufacturing Activity Index; at 25:00, remarks by incoming Fed Vice Chair Brainard; and at 26:00, a U.S. 7-year Treasury auction.We will be keeping a close eye on the trend of the euro, which is on the rise.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management with a particular focus on foreign exchange markets, and also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Should We Keep a Close Eye on the Pound's Price Movements as Its Uptrend Continues?
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