{"id":15995,"date":"2022-01-11T20:35:57","date_gmt":"2022-01-11T12:35:57","guid":{"rendered":"https:\/\/www.phillipnova.com.sg\/?post_type=market_trends&p=15995"},"modified":"2022-01-18T18:02:24","modified_gmt":"2022-01-18T10:02:24","slug":"eurusd-inches-closer-to-ascending-triangle-apex","status":"publish","type":"market_trends","link":"https:\/\/www.phillipnova.com.sg\/cn\/market_trends\/eurusd-inches-closer-to-ascending-triangle-apex\/","title":{"rendered":"\u6b27\u5143\u5151\u7f8e\u5143\u63a5\u8fd1\u4e0a\u5347\u4e09\u89d2\u5f62\u9876\u70b9"},"content":{"rendered":"
\"EURUSD<\/figure>\n\n\n\n
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EURUSD started the first trading day of the year in the red but managed to pare most of its weekly losses by climbing 68 pips last Friday. On Monday, 10 January, the pair retreated and almost reversed Friday\u2019s gains before rebounding to close at 1.13268.<\/p>\n\n\n\n

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The US Dollar Index (DXY) which tracks the greenback\u2019s strength against a basket of rival currencies, is kept below the psychological resistance at 96 after breaching below the level on Friday. In this article, we will discuss on a few driving factors for the EURUSD pair.<\/p>\n\n\n\n

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Mixed employment data in the US<\/strong><\/h4>\n\n\n\n
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One of the key economic data release that stirred volatility in the pair was the US Nonfarm Payrolls data for December. The employment data released by the US Bureau of Labor Statistics reported that the NFP rose by only 199,000 in December, underperforming market consensus of 400,000 job increases. Reported on the first Friday following the reported month, the Nonfarm Payrolls figures present number of new jobs created during the reported month and it is one of the most important economic indicator assessed by forex traders. A better than expected NFP data tends to be bullish for the US dollar, vice versa.<\/p>\n\n\n\n

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Other employment data however, paint a more optimistic picture. The Average Hourly Earnings grew 4.7% year on year, higher than expectation of 4.2%, while the Unemployment Rate dropped to 3.9%, lowest level since February 2020. The healthy figure suggests a sustained recovery in the job market amid rapid recovering economy and strong labor demand.<\/p>\n\n\n\n

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Record inflation in the EU<\/strong><\/h4>\n\n\n\n
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Among the major economies, the European Union has lagged behind in terms of tightening monetary policy as the European Central Bankers remained their dovish tone to support the economic recovery of the Eurozone. However, a record high for EU inflation announced last Friday has lead markets to doubt the narrative that the inflation is temporary and that it would soon stabilize. The Consumer Price Index for the EU rose 5% in December, beating analyst\u2019s expectation of 4.7%.<\/p>\n\n\n\n

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The main driver for the high inflation was the increased energy prices which rose 26% year on year. Price increase in food, services and imported goods were also above ECB\u2019s overall 2% inflation target.<\/p>\n\n\n\n

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The ECB hold the view that inflation will be back under 2% by end of 2022 but many influential policymakers are warning that risks are skewed towards higher figures and that above-target readings could persist into next year.<\/p>\n\n\n\n

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\u6280\u672f\u5206\u6790<\/strong><\/h4>\n\n\n\n
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After creating a yearly low on 24 November, EURUSD rebounded and has since consolidated in an ascending triangle formation. The ascending triangle could be identified by the higher lowers throughout December extending into this year while being capped by resistance around 1.1366. The Relative Strength Index (RSI) is in tandem with the prices and has breached above the neutrality zone at 50. If the RSI manages to stay above 50, it would increase the likelihood of an upside breakout from the pattern.<\/p>\n\n\n\n

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In the event of a daily close above R1 (1.13664), traders could anticipate EURUSD to test R2 (1.1459) which is the 23.6% Fibonacci level. Alternately, if price loses S1 support, price may head to retest 2021 low at S2 (1.1183).<\/p>\n\n\n\n

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\u672c\u5468\u503c\u5f97\u5173\u6ce8\u7684\u4e3b\u8981\u4e8b\u4ef6\uff1a<\/strong><\/p>\n<\/div>\n\n\n\n

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Tuesday, January 11<\/strong><\/p>\n\n\n\n

EUR \u2013 German Buba President Weidmann speech<\/p>\n\n\n\n

USD \u2013 Fed\u2019s Chair Powell Testifies<\/p>\n\n\n\n

Wednesday, January 12<\/strong><\/p>\n\n\n\n

EUR \u2013 Industrial Production s.a (MoM)(Nov)<\/p>\n\n\n\n

USD \u2013 Consumer Price Index (MoM)(YoY)(Dec), Consumer Price Index Core s.a(Dec), Consumer Price Index ex Food & Energy (MoM)(YoY)(Dec)<\/p>\n\n\n\n

Thursday, January 13<\/strong><\/p>\n\n\n\n

USD \u2013 Monthly Budget Statement (Dec), Initial Jobless Claims (Jan 7), Producer Price Index ex Food & Energy (YoY)(Dec), Fed\u2019s Brainard speech<\/p>\n\n\n\n

EUR \u2013 Economic Bulletin<\/p>\n\n\n\n

Friday, January 14<\/strong><\/p>\n\n\n\n

USD \u2013 Retail Sales (MoM)(Dec), Retail Sales Control Group (Dec), Retail Sales ex Autos (MoM)(Dec), Michigan Consumer Sentiment Index (Jan)<\/p>\n\n\n\n

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\u5728 Phillip MetaTrader 5 (MT5) \u4e0a\u4ea4\u6613\u5916\u6c47\u3002<\/h2>\n\n\n\n
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\u5728\u52a8\u6001\u5e73\u53f0 Phillip MetaTrader 5 \u4e0a\u4ee5\u96f6\u4f63\u91d1\u4ea4\u6613\u5916\u6c47\u63d0\u4f9b\u4f4e\u70b9\u5dee\u7684tform\u3002\u4e0e\u96c6\u6210 Acuity \u4fe1\u53f7\u4e2d\u5fc3<\/a> \u548c \u4ea4\u6613\u4e2d\u5fc3\u6307\u6807<\/a>\uff0c\u5e76\u4e14\u53ef\u4ee5\u5728\u79fb\u52a8\u548c\u684c\u9762\u5e94\u7528\u7a0b\u5e8f\u4e0a\u4f7f\u7528\uff0c\u60a8\u5c06\u6c38\u8fdc\u4e0d\u4f1a\u9519\u8fc7\u4f7f\u7528 Phillip MT5 \u7684\u4ea4\u6613\u673a\u4f1a\u3002

\u4e0b\u8f7d<\/a> \u4ea4\u6613\u4e2d\u5fc3 \u5e02\u573a\u55e1\u55e1\u58f0<\/a> \u6709\u5173\u66f4\u591a\u4e3b\u9898\u7684\u66f4\u65b0\u3002

\u66f4\u91cd\u8981\u7684\u662f\uff1f Mac OS \u73b0\u5df2\u652f\u6301 Phillip MT5\uff01\u8981\u5b89\u88c5\uff0c\u53ea\u9700\u4e0b\u8f7d\u4e0b\u9762\u7684\u6587\u4ef6\u5e76\u5b8c\u6210\u4e00\u4e2a\u7b80\u5355\u7684\u5b89\u88c5\u8fc7\u7a0b\u3002<\/span><\/p>\n\n\n\n