EUR/USD is gathering upside steam with the cost of borrowing for Eurozone's riskiest countries falling to levels last seen before the beginning of the coronavirus crisis. Fiscal integration would bode well for the shared currency.
From a technical perspective, a convincing breakthrough the triple top resistance near the 1.1350 area has paved the way for a further near-term appreciating move. Bulls might now aim to reclaim the 1.1400 mark, above which the stage seems set for a move towards retesting YTD tops, just ahead of the key 1.1500 psychological mark.
On the flip side, any meaningful slide back below mid-1.1300s might now be seen as a buying opportunity. This, in turn, should help limit any further downside near the 1.1300 mark. That said, some follow-through selling might still drag the pair towards a symmetrical triangle resistance breakpoint, now turned support near the 1.1250 zone.
Fundamental Overview
|
GMT
|
Event
|
Vol.
|
Actual
|
Consensus
|
Previous
|
|---|---|---|---|---|---|
| THURSDAY, JUL 09 | |||||
| 06:00 |
EUR Exports (MoM)
|
9.0%
|
13.8%
|
-24.0%
|
|
| 06:00 |
€ 7.6B
|
€ 5.2B
|
€ 3.2B
|
||
| 06:00 |
-32.0%
|
-52.8%
|
|||
| 09:00 |
14.4%
|
||||
| 12:15 |
198.0K
|
193.5K
|
|||
| 12:30 |
1,375K
|
1,427K
|
|||
| 12:30 |
1,503.75K
|
||||
| 12:30 |
18.95M
|
19.29M
|
|||
| 14:00 |
-1.2%
|
-1.2%
|
|||
| 14:30 |
65B
|
||||
The US dollar failed to preserve the previous day's modest gains, instead came under some renewed selling pressure and assisted the EUR/USD pair to regain traction on Wednesday. Despite growing fears over a possible second wave of coronavirus cases, hopes of a swift economic recovery underpinned the global risk sentiment. This was evident from a positive mood in the equity markets, which, in turn, weighed on the greenback's relative safe-haven status.
On the other hand, the shared currency shrugged off concerns that the Eurozone economy could be headed for a deeper recession. In fact, the European Commission – in the Summer Economic Forecasts released on Tuesday – projected that the EU economy will shrink by 8.3% in 2020 and recover less, by 5.8% in 2021. This marked a further downward revision from the previous month's estimates, forecasting a 7.4% contraction in 2020 and a rebound of 6.1% in 2021.
In the absence of any major market-moving economic releases, bullish traders further took cues from some optimistic comments by the ECB Vice President Luis de Guindos about the prospects for economic growth in the region. de Guindos said that the incoming economic data has been relatively less bad than what was expected just a few weeks ago and the economy may have shrunk less than the 13% forecast by the European Central Bank during the three months to June.
The pair settled near the top end of its daily trading range and finally broke through a key barrier near mid-1.1300s, hitting near one-month tops during the Asian session on Thursday. The Eurozone economic docket features the only release of German Trade Balance figures. From the US, the release of Initial Weekly Jobless Claims data might influence the USD price dynamics and contribute towards producing some meaningful trading opportunities on Thursday.
Reprinted from fxstreet.com, the copyright all reserved by the original author.
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
古いコメントはありません。ソファをつかむ最初のものになりましょう。