The US dollar dropped across the board on Friday and the dollar index was 0.505 lower during the US session, while the EURUSD pair surged 0.6% to trade at around 1.1380, negating the immediate bearish trend.
Investors focused on today’s inflation figures from the euro zone, which came out without any revisions and therefore spurred no volatility at all. The year-on-year CPI change stayed at 2.2%, whilst the core gauge remained at 1.1%. The ECB expects the core inflation to rise significantly over the next quarters, according to Mario Draghi’s words.
Stocks fell sharply on Friday and the US exchanges are about to open 0.5% lower, while the EU indices were losing nearly 2% as sentiment worsened notably. Bond yields also dropped and the 10-year was trading at 3.08%, while the 30-year benchmark declined to 3.35%.
The next resistance for the EURUSD stands at 1.14, where the bearish trend line is seen and afterward near 1.1430, where lows and highs are converged. On the downside, the key support remains at 1.13.
For the SP500 index, bulls need to defend 2,710 USD for immediate trend to remain slightly more bullish, while the resistance for today’s trading could be at 2,740 USD.
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2022 Teletrade-DJ International Consulting Ltd
Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.