The Euro Closes the Week Upside-Down

Posted Saturday, October 22, 2016 by
Skerdian Meta • 1 min read

Here goes the third week of October. We are one week and one trading day away from the end of the month. Although we didn´t make any advancement regarding our monthly profit this week since we closed it at around breakeven, but we´re still good in terms of profit. The first two weeks brought us more that 300 pips, so I don´t think there is a chance for us to close the week in red, but you never say never in forex.

The Euro was the sore loser this week. The other forex majors closed the week little or no changed, which means that the buyers and sellers in eight of the most traded currencies (USD, JPY, GBP, CHF, EUR, CAD, AUD, NZD) matched each other, except for the Euro.

The fear of a possible action from the ECB (European Central Bank) at first, and then after the ECB meeting the expectations for the next meeting have kept the Euro facing the floor the entire week. It only managed to put up a decent fight at the beginning of Draghi´s speech but that was it. It humped around 100 pips but after a few minutes, it faced the floor again.

Next week there are a number of economic data from Europe, such as the EU services and manufacturing data, the CPI numbers from France and Germany and another show from the master of words Draghi, who never fails when it comes to slapping the Euro down. We´ll keep an eye on these events because they might turn the market sentiment around towards the Euro. 

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