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Germany Announced the Full Filling of Gas Storages

11/9/2022 11:47 AM

During the Asian session, the EUR/USD pair is growing, trading around 1.0072.

This week, the pressure of the macroeconomic background on the dynamics of the instrument is weakened, resulting in the news from the energy market again coming to the fore. Yesterday, the German Federal Network Agency for Electricity, Gas, Telecommunications, Posts, and Railways of Germany reported that the filling of gas storage facilities approached 99.54%, which indicates the relative readiness of the EU's leading economy for the winter. In the past two months, the filling rate has increased significantly, facilitated by high average air temperatures and a decrease in energy consumption compared to the same periods a year earlier. Also, in mid-October, the country's authorities agreed to increase the gas import from Belgium, France, and Norway. It's worth noting that gas prices have significantly decreased recently, which are now kept around 1.2K dollars per thousand cubic meters compared to 3.5K dollars at the end of August.

The main news for the world market now comes from the United States, where the counting of votes in the midterm elections to the national Congress continues. Yesterday, CNN presented preliminary results and announced that Republicans won 219 seats in the House of Representatives against 216 for Democrats, while 218 seats are required to establish a majority.

The trading instrument continues its corrective growth on the daily chart after exiting the global downward channel.

Technical indicators reversed and issued a renewed buy signal: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram forms upward bars, rising in the buying zone.

Resistance levels: 1.0126, 1.0400. | Support levels: 1.0000, 0.9750.

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