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Should we keep an eye on the euro's price movements during European trading hours?

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Should we keep an eye on the euro's price movements during European trading hours?

05.07.2022

Today's Highlights
  1. U.S. Manufacturing Orders Index
  2. UK: BOE Releases Financial Stability Report

In the previous day’s U.S. currency trading, prices lacked direction due to a U.S. holiday, and the EUR/USD traded within a range of 1.0416 to 1.0462.On the 4-hour chart, the EUR/USD pair is caught between support at lower levels and resistance at the 20-day moving average; therefore, I plan to remain on the sidelines until a clear directional trend emerges.

European currencies fell against Oceania currencies yesterday, partly due to Germany’s trade balance slipping into the red.The EUR/AUD pair fell by more than 180 pips, from 1.5353 to 1.5169. This resulted in a significant break below the 20-period moving average (MA) on the 4-hour chart. However, since the price has not yet established a new low, we will be watching to see if it breaks below the recent low of 1.5062 with a real body candle.

Today, at 15:45 during Asian trading hours, France’s industrial production and manufacturing production index will be released; during European trading hours, at 16:50, France’s services PMI; at 16:55, Germany’s services PMI; at 17:00, the Eurozone’s services PMI; at 17:30, the UK’s services PMI;at 18:30, the Bank of England (BOE) will release its Financial Stability Report; at 19:00, BOE Governor Bailey will hold a press conference; at 21:30, Canada will release housing permits; and at 23:00, the U.S. will release the Manufacturing Orders Index. We will be watching the euro’s price movements as we move into European trading hours.

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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