VOT Research Desk
Oct 24,2022
Market Insights, Considerations & Analytics
EUR/USD Current level – 0.9871
In the previous week, the euro managed to increase versus the dollar by 1.38%. At the start of the U.S. trading session on the final day of the week, the currency pair decisively overcame the previous resistance at 0.9808. Gains persisted but came to an abrupt halt at the point at which bulls had previously attempted to pass through the barrier at 0.9875.
The manufacturing figures from Germany, France, and the EU as a whole, which will be announced between 08:15 and 09:00, will determine whether this trend continues today (GMT). If they encourage Eurozone investment, this might prolong the movement at least to the following resistance. However, since the dollar drives the swings of the currency pair, traders’ opinions about it should not be dismissed.
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