The Euro chipped lower against the US Dollar on Thursday despite broadly rising.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• The Euro chipped lower against the US Dollar on Thursday despite broadly rising.
• European Economic Bulletin highlighted the ECB’s data-dependency on inflation outlook.
• US PPI inflation due Friday, EU Industrial Production next Monday.

The Euro (EUR) fell back against the US Dollar (USD) in the US market session after US Consumer Price Index (CPI) inflation figures broadly arrived higher than market forecasts, taking a chunk out of the Euro’s overall positive lean to the day. The Euro stepped higher against most of the major currencies on Thursday but fell flat against the safe havens of the Greenback and the Japanese Yen (JPY).

The European Central Bank’s (ECB) latest Economic Bulletin mostly towed the line earlier Thursday, reaffirming the ECB’s data-dependency as the ECB continues to focus on inflation expectations for the European economy.

The Euro (EUR) was broadly firmer in early Thursday trading, climbing half a percent against the Australian Dollar (AUD) and a third of a percent against the Swiss Franc (CHF). However, the Euro has lost a fifth of a percent against the US Dollar (USD) and around a tenth of a percent against the Japanese Yen (JPY) as safe havens climb broadly higher on the day.

The EUR/USD hoisted itself into the 1.1000 handle early Thursday, setting a new 2024 high of 1.1004 before getting slapped down to trade back into 1.0950. The pair has slid back into near-term congestion at the 200-hour Simple Moving Average (SMA) near 1.0960.

Despite exploring a fresh high on Thursday, the EUR/USD remains trapped in a minor sideways pattern, with daily candles coiling just north of a bullish crossover of the 50-day and 200-day SMAs near 1.0850. The 50-day SMA is rising into 1.0900, building out a technical floor beneath bids as bulls gear up for another challenge.

The EUR/USD remains down around 1.6% from December’s late peak near 1.1140, but the pair is still fairly well-bid, up a little under 5% from last September’s bottom bids near 1.0450.

[/s2If]

The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.

The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group