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EURUSD Regains Lost Ground

2/7/2023 12:01 PM

The euro continues its local corrective dynamics, but as a result of the three-day growth of the US dollar, the EUR/USD pair is declining, trading around 1.0729.

There are currently no drivers on the market to change the current trend, and macroeconomic statistics did not support the position of the European currency: in December, retail sales decreased by 2.7%, exceeding experts' forecasts of –2.5%, and by the end of 2022, the indicator lost 2.8%, which is also more than the calculated value of −2.7%. Today, no major changes are expected in the EU markets, and investors will be drawn to the data on industrial production in Germany in December, where a correction of –0.7% is forecast.

After Friday's data on the US labor market showed a significant increase in non-farm payrolls, the US dollar is rising, trading around 103.200 in the USD Index for the first time since December. Yesterday, the positive trend in the employment sector was supported by the January data from the indicator of market trends, which increased to 118.74 points from 117.06 points earlier. In addition to the release of the report on foreign trade, the speech of the head of the US Federal Reserve, Jerome Powell, will take place today, and analysts are waiting for the official's comments on the statistics published on Friday and possible hints of further steps in monetary policy.

On the daily chart, the trading instrument continues its corrective movement, declining towards the support line of the ascending corridor.

Technical indicators keep a buy signal but do not rule out a downward correction: fast EMAs on the Alligator indicator are approaching the signal line, and the AO histogram is forming downward bars in the buying zone.

Resistance levels: 1.0800, 1.0990. | Support levels: 1.0680, 1.0520.

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