Markets Analysis
EURUSD moves sideways, but weak, focus on German consumer price index【June 13, 2023】
June 13, 2023
Markets Analysis
目次
Fundamental Analysis
- Major U.S. Stock Indexes Gain Significantly; Possible Suspension of Interest Rate Hikes Drives Gains
- Crude oil sharply lower, driven down by lower global demand and higher supplies
- Eurodollar little changed; German CPI expected to slow
- U.S. FOMC meeting in the spotlight, dollar weakening on speculation of a rate hike halt
EURUSD Technical Analysis
The Eurodollar has been moving sideways and remains firm on the upside and downside. The dollar continues to weaken due to growing expectations of a halt in U.S. interest rate hikes. Analyzing currency strength and weakness, the dollar is weakening against the euro, and the euro-dollar can be judged to be in a favorable position to rise.
The $1.080 area is a round number and an important milestone resistance area to watch.
Day Trade Strategy (Hourly)
The day trade policy is to buy on the push. Today’s Eurodollar pivot point is $1.0760; drawing the 24 moving averages (moving averages over the past day) on the hourly chart confirms that the direction is gradually turning up and the downside is also cutting off.
The market is range-bound in the medium to long term, but in the short term, we can look for buying opportunities. The $1.078 level is the level where the pair has fallen back three times in the past, and a large resistance zone is ahead at the $1.080 level.
Multi-time frame analysis
When the 24 moving averages are drawn on the 4-hour chart as a multi-time frame analysis, the candles are above the moving averages and the moving averages are also pointing upward. Both the 1-hour and 4-hour charts are turning from a downtrend to an uptrend. Although the market will not settle down until the U.S. FOMC meeting, at least in the short term, we would like to trade on the upside.
Support and Resistance Lines
The resistance line to be considered in the future is as follows
USD 1.080 – Round number / Major resistance zone
USD 1.073 – Support zone
Market Sentiment
EURUSD Sell: 36% Buy: 64%
Today’s Important Economic Indicators
| Economic Indicators and Events | JST (Japan Standard Time) |
| U.K. Employment Statistics | 15:00 |
| German Consumer Price Index | 15:00 |
| U.S. Consumer Price Index | 21:30 |
| Statement by the Governor of the Central Bank of the U.K. | 23:00 |
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.