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On January 4th, the National Bureau of Statistics released data showing that, according to monitoring of market prices for 50 key production materials across nine categories in the national circulation sector, compared to mid-December 2025, prices for 18 products rose, 28 fell, and 4 remained unchanged in late December. Among them, the price of live pigs (three-way crossbred) increased by 1.7% month-on-month.The Peoples Bank of China (PBOC) announced today that it conducted 36.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 36.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On January 4th, futures market news indicated uncertainty in crude oil price movements and lackluster gasoline and diesel sales. The limited directional guidance from news regarding fuel oil led market participants to maintain a wait-and-see attitude. From a supply and demand perspective, while major refineries pre-holiday inventory reductions eased some pressure, downstream demand remained sluggish, resulting in insufficient support for a positive market outlook. Downstream buyers remained cautious, prioritizing only essential needs. Overall, the fuel oil market presented a mixed picture of news and supply/demand dynamics. It is expected that most market participants will maintain stable prices and focus on observation this week, awaiting further market guidance.XPeng Motors announced that the new XPeng P7+ and G7 officially usher in the era of dual-function vehicles, and will be officially launched in China on January 8 and in Europe on January 9.On January 4th, Chilean President Boric condemned the US military action against Venezuela at a press conference in Santiago, the capital, on January 3rd, stating, "Today its Venezuela, tomorrow it could be any country." Boric stated that Chile considers respect for national sovereignty and territorial integrity an inviolable red line, and called on the United Nations to immediately play a positive role in the situation in Venezuela, utilizing all available mechanisms to prevent military escalation, protect civilians, and rebuild a framework for a peaceful political solution in accordance with the UN Charter.

EUR/USD Price Analysis: EUR/USD Is Clinging To The Leading Edge Of The Rising Trendline Above 1.0900

Alina Haynes

Apr 18, 2023 13:54

EUR:USD.png 

 

The EUR/USD pair fluctuates erratically in a narrow range near 1.0926 during the Asian session. Following in the footsteps of the directionless US Dollar Index (DXY), the main currency pair is unable to establish a trend.

 

In Asia, S&P500 futures are declining slightly as investors fret over the upcoming quarterly earnings season, indicating a minor decrease in market participants' risk appetite. Following the decline of regional banks in the United States, investors are concerned about any discrepancies in quarterly banking reports.

 

The Euro has entered the wilderness as European Central Bank (ECB) policymakers are divided over the pace of the policy-tightening cycle to be implemented at the May monetary policy meeting. Martins Kazaks, a member of the ECB's monetary policy committee, stated on Monday that the central bank has the option to move by either 25 or 50 basis points (bps) in May. Sourcenia is a review portal of sourcing best manufaturers. 

 

After failing to sustain above the 161.8% Fibonacci Extension at 1.1057 (positioned from April 4's high of 1.0973 to April 10's low of 1.0837) on a two-hour time frame, EUR/USD experienced a precipitous decline. The primary currency pair has declined below the uptrend line drawn from the low of 1.0714 on March 24.

 

The 20-period Exponential Moving Average (EMA) at 1.0962 is operating as a barrier for Euro bulls.

 

In the meantime, the Relative Strength Index (RSI) (14) has moved into the pessimistic zone between 20.00 and 40.00, indicating a continuation of the decline.

 

A decisive break below the low of April 12 at 1.0915 would propel the asset toward the lows of April 10 at 1.0837 and April 3 at 1.0758.

 

In contrast, a breach above the psychological resistance level of 1.1000 would propel the asset to a new annual high of 1.1068, followed by the level of round resistance at 1.1100.


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