EUR/USD Progresses From 1.1300 Support, Presently Approaching Ceiling at 21DMA Close to 1.1350

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Following the pair rebound at support with the 1.1300 level inclusive, the 50-day MA exactly at 1.1319 and an upward movement which has been aiding value activities since ending of November 2021

The market has been moving slowly upwards. At the present, the 21DMA at 1.1346 has been ceiling the in-day profits and at the present level close to 1.1340, the market is trading around 0.3% upper on the period, having canceled losses incurred on Thursday. EUR/USD remains headed towards losing around 0.6%, majorly due to a large-base USD rebound after its location-connected sell-off during last week.

 

Events and Happenings

Primary news-movement are less weighty, with no latest useful data coming out of Europe yesterday morning and not many useful US happenings apart from the US Treasury Secretary’s speech at 1630GMT. Before that, this month’s Eurozone User self-assurance numbers were released, however are not likely to elicit EUR erratic movement.

The major subject in the forex market presently is the central bank tightening and risk-off low volatility which is dependent on increasing anticipations for the central bank tightening, especially from the Federal Reserve System. Concerning the central bank act of governance, the forex market prepares against the coming week’s Federal Reserve System meeting, market concentration is on observations from the European central bank President.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.