Antony_NPBFX
NPBFX Representative (unconfirmed)
- Messages
- 1,091
EUR/USD: euro remains under pressure ahead of the publication of the decision of the US Federal Reserve 21.09.2022
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The European currency shows mixed trading dynamics, consolidating near 0.9950. Investors are in no hurry to open new trading positions, preferring to wait for the publication of the US Federal Reserve decision on interest rates. However, the euro still traded mainly with a downtrend, which again led to the consolidation of the instrument below the psychological level of 1.0000.
Some pressure on the EUR/USD pair was exerted by the deteriorating prospects for the region's economy, in connection with which the authorities are taking decisive action to curb inflation. In particular, the President of the European Central Bank (ECB), Christine Lagarde, spoke the day before, saying that in order to curb a sharp rise in prices, it may be necessary to raise interest rates to levels that will limit economic growth altogether. The current inflation rate in the eurozone is above 9.0% and is unlikely to fall anytime soon.
Macroeconomic data released yesterday in Germany pointed to a sharp rise in producer prices. In August, the Producer Price Index rose by 7.9% after rising by 5.3% a month earlier, while analysts expected a slowdown to 1.5%, and in annual terms, the index accelerated from 37.2% to 45.8%, which also turned out to be higher than the estimated 37.5%.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is almost unchanged, but it remains rather spacious for the current level of activity in the market. MACD is reversing downwards forming a sell signal (trying to consolidate below the signal line). Stochastic, having shown a weak rebound from the level of "20", reversed into a horizontal plane, reacting to the emergence of multidirectional trading dynamics in the ultra-short term.
Resistance levels: 1.0000, 1.0050, 1.0100, 1.0150.
Support levels: 0.9950, 0.9900, 0.9850, 0.9800.
Trading tips
Short positions may be opened after a breakdown of 0.9950 with the target at 0.9850. Stop-loss — 1.0000. Implementation time: 1-2 days.
A rebound from 0.9950 as from support followed by a breakout of 1.0000 may become a signal for opening new long positions with the target at 1.0100. Stop-loss — 0.9950.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The European currency shows mixed trading dynamics, consolidating near 0.9950. Investors are in no hurry to open new trading positions, preferring to wait for the publication of the US Federal Reserve decision on interest rates. However, the euro still traded mainly with a downtrend, which again led to the consolidation of the instrument below the psychological level of 1.0000.
Some pressure on the EUR/USD pair was exerted by the deteriorating prospects for the region's economy, in connection with which the authorities are taking decisive action to curb inflation. In particular, the President of the European Central Bank (ECB), Christine Lagarde, spoke the day before, saying that in order to curb a sharp rise in prices, it may be necessary to raise interest rates to levels that will limit economic growth altogether. The current inflation rate in the eurozone is above 9.0% and is unlikely to fall anytime soon.
Macroeconomic data released yesterday in Germany pointed to a sharp rise in producer prices. In August, the Producer Price Index rose by 7.9% after rising by 5.3% a month earlier, while analysts expected a slowdown to 1.5%, and in annual terms, the index accelerated from 37.2% to 45.8%, which also turned out to be higher than the estimated 37.5%.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is almost unchanged, but it remains rather spacious for the current level of activity in the market. MACD is reversing downwards forming a sell signal (trying to consolidate below the signal line). Stochastic, having shown a weak rebound from the level of "20", reversed into a horizontal plane, reacting to the emergence of multidirectional trading dynamics in the ultra-short term.
Resistance levels: 1.0000, 1.0050, 1.0100, 1.0150.
Support levels: 0.9950, 0.9900, 0.9850, 0.9800.
Trading tips
Short positions may be opened after a breakdown of 0.9950 with the target at 0.9850. Stop-loss — 1.0000. Implementation time: 1-2 days.
A rebound from 0.9950 as from support followed by a breakout of 1.0000 may become a signal for opening new long positions with the target at 1.0100. Stop-loss — 0.9950.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.