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Sunday, January 29, 2023
HomeMarketsEUR/USD: In a technical straightjacket below $1.0750

EUR/USD: In a technical straightjacket below $1.0750

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(News Bulletin 247) – The Euro/Dollar remained close to its December highs, with risk appetite working in favor of the single currency, after the publication on Friday of a marked and surprise slowdown in the dynamics of wage growth across the Atlantic. The NFP (for No Farm Payrolls) showed a monthly increase of 0.3% in December in average hourly wages (private sector, excluding agriculture). “The trend is slowing and could therefore reassure Fed members who fear that a tight job market will fuel the cycle of wage and price hikes” that is boosting inflation, BNP analysts say Paribas quoted by AFP.

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No negative signals for the Euro this morning, on the statistical side, with German industrial production dynamics and an unemployment rate in the Euro Zone in line with expectations. The Sentix index of investor confidence, although still largely in negative territory, even manages to beat the consensus, emerging up 3.5 points, to -17.5. “Hopes of averting a severe recession in Germany are gaining more substance,” read the comments accompanying the publication from the Behavioral Finance Institute.

To follow the volume of consumer credit in the United States at 9:00 p.m.

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At midday on the foreign exchange market, the Euro was trading against $1.0670 around.

KEY GRAPHIC ELEMENTS

The break of the 20-day moving average (in dark blue), which has served us up to now as a perfectly materialized trailing stop, requires cutting long positions, pending a relevant entry point. . However, no pronounced bearish reversal pattern has been identified. Conversely, only a crossing into a volatility high of $1.0750 would validate a bullish extension at this stage.

MEDIUM TERM FORECAST

In view of the key graphic factors that we have mentioned, our opinion is neutral in the medium term on the Euro Dollar (EURUSD).

We will maintain this neutral opinion as long as the Euro Dollar (EURUSD) parity prices are positioned between the support at 1.0435 USD and the resistance at 1.0746 USD.

CHART IN DAILY DATA

©2023 News Bulletin 247

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