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Caution Over the Euro's Uptrend?

Market Report

Caution Over the Euro's Uptrend?

21.06.2022

Today's Highlights
  1. Remarks by Pill, a Member of the Bank of England’s MPC
  2. U.S. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank

On the previous day, the U.S. currency market saw little movement due to the stock market being closed for Juneteenth, with the EUR/USD trading within a range of 1.0471 to 1.0545—a fluctuation of about 70 pips.From a technical perspective, while the EUR/USD pair is showing a slight upward trend, supported by the 20-period moving average (MA) on the 4-hour chart, it remains capped by the 75-period MA. Therefore, should the pair rise, we will be watching closely to see if it can extend its gains to the recent high of 1.0601.

While cross-yen pairs generally saw little movement, the euro edged higher against the yen, with the EUR/JPY pair rising by about 1 yen. The EUR/JPY is currently trading around 142.190 and is testing resistance above the 10-period moving average on the 4-hour chart.It will be worth watching whether further gains are seen from today’s European session through the U.S. session.

Today’s schedule includes Switzerland’s trade balance at 15:00 Asia time, remarks by UK MPC member Pill at 16:15 Europe time, and at 19:00, the UK’sCBI Business Survey, at 21:15 UK time: remarks by MPC member Tenreyro, at 21:30 US time: Canadian retail sales and the Chicago Fed National Activity Index, at 23:00 US time: US existing home sales, at 25:00 US time: remarks by Mester,Cleveland Fed President Mester’s remarks, at 28:30 U.S. time: U.S. Richmond Fed President Barkin’s remarks, and at 7:45 the following day: New Zealand’s trade balance. We should remain vigilant regarding the euro’s upward trend.

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 focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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