The euro (EUR) is consolidating silently in a narrow range around 1.16, quoting just below the new Multiannual Multiannual on Tuesday that reached levels not seen since September 2021. The EUR profits have been promoted fundamentally, the result of a continuous change in the perspective of the relative policy of the central banks and a sustained increase in the expectations of relaxation in the Fed.
EUR is just below Tuesday’s multiannual, supported by performance differentials
“The 2 -year differential between Germany and the US has been reduced by approximately 15 basic points in the last week, providing the EUR to a fundamental support that had been absent from the eruption of commercial tensions in early April. The Wednesday’s calendar of publications has been limited to the confidence figures of the consumer of France, which remained unchanged.”
“The Eurozone will publish consumer confidence figures on Friday and Germany will publish its GFK (consumer) trusted figures on Thursday. The trend is upward, with a clear sequence of minimum and maximum higher since the beginning of February. The maximum of Tuesday reached the middle zone of 1.16, reaching levels not seen since September 2021.”
“The impulse is bullish and confirms the trend, and a RSI in the middle zone of 60 leaves a large margin for a greater short-term increase before the overcompra threshold in 70. In terms of support, we continue to highlight the importance of the 50-day mobile average (1,1377). A closer support is expected in the 1,1550-1.1520 area. We see a larger resistance limited before the area of 1.1720-1.1750. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
