Usd/jpy Price Analysis: Extends Pullback From 10-dma Towards 129.00
2022, 18 May - Forex
Weekly: Euro Currency Traded In A Positive Manner Touching The Higher Levels Of 1.1969
Brief:
Last week, the Euro currency traded in a positive manner touching the higher levels of 1.1969. Reason behind the same can be attributed to the robust release of economic dataset from the zone which boosted sentiments. The German business morale rose by more than expected in June and hit its highest level since November 2018 on companies' surging optimism about the second half of the year.
Moreover, Eurozone private sector grew at the fastest rate in 15 years in June. Apparently, the private sector improved as the economy re-opened further from virus-fighting restrictions and vaccine progress boosted confidence. In addition, the European Central Bank head Christine Lagarde told European Union leaders that the Euro-zone was recovering faster than earlier expected, but still needed continued fiscal and monetary support so that the pandemic did not leave scars.
Suggestion:
Buy above 1.1605 for 1.2350 and 1.2550
Else
Sell below 1.1605 for 1.1170 and 1.0725
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