Jump to content

EUR/USD Parity Within Touching Distance as USD Surges Ahead of NFP


Recommended Posts

Jul 8, 2022 | DailyFX
Richard Snow, Analyst

EUR/USD ANALYSIS

  • Euro selling surges ahead of NFP data print later today
  • EUR/USD key technical levels analyzed
    EUR/USD Outlook: Euro US Dollar Exchange Rate Fluctuates Ahead Of Fed  Speeches

EURO SELLING PICKS UP AHEAD OF NFP DATA
The euro continues to sell-off into the weekend as the bearish trend shows little sign of abating. Euro woes continue to stack up with the latest concern being the scheduled maintenance of the Nord Stream 1 gas pipeline that facilitates the flow of natural gas from Russia to Germany and then into the EU. The pipeline is scheduled to undergo routine maintenance from the 11th to the 21st of July.

The pipeline has been identified as a major potential risk to the German economy and the EU by extension, should Russia stop transporting gas or send lower volumes than what is needed/requested.

At the same time, FOMC minutes of the June meeting confirmed the Fed’s determination to hike rates aggressively, even if it results in a period of lower economic growth. This is likely to support the dollar alongside its safe-haven appeal at a time when recession concerns pick up.

Link to comment

EUR/USD SELLING HAS BEEN RELENTLESS

Since the Euro broke below multi-year support at 1.0340, selling has been relentless in the pair with little to no bouncebacks for traders to fade. Alongside this, close watchers of the pair may have noticed that Euro selling has picked up notably once London walks in, which to me suggests a more flow-driven move by big investors (not confirmed, more my speculation).

EUR/USD Chart: Hourly Timeframe

Bitcoin Bullish, Euro Selling Relentless, Trading NFP

Source: Refinitiv, Vertical Line = 08:00BST

Top Q3 Trade Idea – Euro May Break Parity

 

Jul 8, 2022 | DailyFX
Justin McQueen, Strategist

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      23,597
    • Total Posts
      96,957
    • Total Members
      44,163
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    shibui
    Joined 01/12/23 19:56
  • Posts

    • It is a best practice to buy dip and sell high but this strategy mostly doesn’t go as planned because you can’t predict the final bottom. Some traders BTD anticipating a potential pullback which mostly doesn’t happen and this force some into panic selling. DYOR is mostly advisable but some people fail to know which analysis they should focus more on. When deciding to hold a token for a long-term FA is very important and its cardinal point should be thoroughly scrutinized before making such a decision. These points include; Whitepaper, Road map, and Usecase. These points have a huge impact on deciding how long to hold a project and also booast your confidence in the project's bullish potential.  The first principle in this industry is “invest what you can afford to lose" though many neglect this principle as such when a project is going through a price correction they panic sell and sell at a huge lost. Most normal regret their decision later when they see the project back on track. Once you adhere to the first principle you hardly fall victim to panic sales. Note that it is mostly not advisable to hold meme tokens una less you are convinced because meme goes with the hype and finds it hard to retest its ATH once the hype is over.  Anyway what are your trading strategy and principles you adhere to most?
    • The market is really trying to break boundaries this December & would love to see that happen cos this month has never been this rosy from past records. On the issue of binance with SEC, I think with time everything will  be fine & I'm thinking of leveraging on the present market conditions on BG's earn products.
    • Yeah, I believe Bitget and Binance made the wisest decision to partner with such talent and help the whole industry reap from their influence in increasing crypto adoption. 
×
×
  • Create New...
us