The Euro has benefitted from the recent improvement in risk sentiment and a softer dollar, as US treasury yields ease off and markets trim back expectations of the Fed’s terminal rate. Get your market update from RichardSnowFX here:
The Euro has benefitted from the recent improvement in risk sentiment and a softer dollar, as US treasury yields ease off and markets trim back expectations of the Fed’s terminal rate. The Euro’s association with ‘risk assets’ is due to its proximity to the ongoing conflict in Ukraine and via the conflict-linked energy crisis ahead of the winter months.chart, the bullish move is still contained within the longer-term bearish trend – shown by the descending channel.
Prices have climbed higher but there is no indication yet that this is a long-term move. Euro fundamentals are still weak .The daily chart provides a clear path of challenges to the recent EUR/USD relief rally. Currently, the pair tests the 78.6% Fib retracement of the large 2000-2008 move at 0.9900. Further upside resistance appears via the 0.9954 level of prior support followed by parity which coincides with the upper bound of the descending channel.
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