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The S&P 500 opened 9.13 points higher, or 0.13%, at 6973.92 on Tuesday, February 10; the Nasdaq Composite opened 22.64 points higher, or 0.10%, at 23261.31; and the Dow Jones Industrial Average opened 247.25 points higher, or 0.49%, at 50383.12.February 10th - On February 10th local time, the European Parliament approved the political agreement reached with the European Council on amendments to the European Climate Law, which includes a new, binding EU climate target for 2040. Under the new target, the EU must reduce greenhouse gas emissions by 90% from 1990 levels by 2040, with the aim of achieving climate neutrality by 2050. The amendment still needs approval from the European Council and will then come into effect 20 days after its publication in the Official Journal of the European Union.On February 10th, the Israel Defense Forces (IDF) announced the formation of a new combat division—the 38th Division—the first mobile combat division established by the IDF in decades. This division will be formed by integrating units from the ground forces basic training system, including officer and infantry schools. The IDF stated that it is currently forming a communications battalion and a logistics regiment for the new division. The IDF anticipates that the 38th Division will achieve ground combat capability by 2027. Since the 1970s, the IDF has not established a new mobile division capable of operating deep into enemy territory, only creating new border defense divisions and reorganizing some existing mobile divisions.European Central Bank: Foreign exchange reserves increased by 600 million euros, reaching a total of 332.8 billion euros.On February 10th, China Literature Limited (00772.HK) announced in Hong Kong that it expects to record a loss attributable to equity holders of the Company in fiscal year 2025 of approximately RMB750 million to RMB850 million, compared to a loss attributable to equity holders of the Company in fiscal year 2025 of RMB209 million, primarily due to the goodwill impairment arising from the acquisition of New Classics Media in 2018. The goodwill impairment expense is non-cash in nature and therefore is not expected to affect the Groups cash flow, nor is it included in the Groups non-IFRS financial measurements.

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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