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Abstract:On Tuesday, the data of German sentiment for September was released, which shows the country is still pushing ahead with the economy.
WikiFX News (16 Sept.) - On Tuesday, the data of German sentiment for September was released, which shows the country is still pushing ahead with the economy. The economic sentiment of the Euro area also beats expectations in the month, injecting strength to the recent upside in EUR/USD.
The recent growth in EUR/USD has prompted the pair to bounce off the 50-DMA and open the Tuesday session above 20-DMA, strengthening bullish sentiment for the pair. In the short term, a few highs are blocking the way to 1.2000, with the first resistance lying in last week's 1.1920.
Given that the US interest rates may stay lower for longer while ignoring all growth however inflation overshoots the target, the greenback may edge lower, sending further upside to EUR/USD.
According to IG Client Sentiment, investors' net-long positions are 5.73% lower than yesterday while their net-short positions are 11.58% higher than yesterday. EUR/USD is expected to gain more considering the investors are net-short.
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Chart: Trend of EUR/USD
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The week ahead: Currency Price action at the mercy of the Macro Sentiment
EURUSD is pulling back
EUR/USD looks south, with 1.1250 at risks amid firmer USD, yields. Bearish RSI supports the potential move lower towards 1.1200. 1.1300 is the level to beat for the EUR bulls for any meaningful recovery.
The German election will definitely affect the euro's trends.