EUR/USD Finds Support at MAs Despite the Miss in Investor Confidence
Today has been a quiet day following last week’s significant price action, as markets seek to settle in for the new week while waiting for inflation reports to start coming out later in the week. In the first half of the week we’re expecting to see price behavior follow the anticipation leading to the big risk event of the US CPI inflation release on Thursday and in the last two days following the aftermath of the report.
But for the time being, the price action in the markets is showing a continuation from last week, with the USD holding steady and risk assets in general remaining cautious. Stocks fell early in the European morning session before regaining losses, but they remain sluggish ahead of US trading later. However, in the US session, the US Dollar has been retreating, with Gold surging around $15 higher, while EUR/USD is heading toward 1.10 again, as moving averages turn into support on the H4 chart.
Eurozone January Sentix Investor Confidence
- January Sentix investor confidence -15.8 points vs -15.5 points expected
- February Sentix investor confidence was -16.8 points
- Expectations -8.8 points
- Prior expectations were -9.8 points
Euro area investor sentiment improves for a third straight month to its highest level since last May. The expectations reading has also improved to its highest since February last year. However, any signs of a strong recovery remain wanting as the outlook – especially for Germany – remains uncertain. Sentix notes that:
“This is unlikely to be a turnaround. This is partly due to Germany, whose economy is still in recession and therefore in crisis.”
EUR/USD Live Chart
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