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The Euro Retreats from its Record Highs

1/30/2023 10:52 AM

The EUR/USD pair shows flat trading dynamics, being held near 1.0875. The instrument is consolidating after falling for two sessions in a row, as a result of which it retreated from its record highs in April. Trading activity at the beginning of the new week remains quite low, as investors expect the publication of macroeconomic statistics from Germany and the eurozone.

Today, the first estimate of the Gross Domestic Product (GDP) of Germany for the fourth quarter of 2022 will be presented. Forecasts assume the emergence of zero dynamics after an increase of 0.4% in quarterly terms, and in annual terms, the growth rate of the German economy may slow down from 1.2% to 1.1%. Also during the day, statistics on the level of Consumer Confidence and Sentiment in the eurozone economy in January is expected to be released. Analysts suggest a moderate decline in Business Sentiment from 95.8 points to 94.6 points.

Tomorrow, the eurozone will publish statistics on the dynamics of Gross Domestic Product (GDP) for the fourth quarter of 2022, and Germany will release data on Retail Sales for December and on Consumer Price Index, which may accelerate in January from 8.6% to 9.0%.

Bollinger Bands in D1 chart show moderate growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is falling, having formed a relatively strong sell signal (the histogram is below the signal line). Stochastic is showing similar dynamics, having rebounded from the level of "80" downwards. The indicator signals in favor of the development of corrective dynamics in the ultra-short term.

Resistance levels: 1.0928, 1.1000, 1.1051, 1.1100. | Support levels: 1.0850, 1.0800, 1.0759, 1.0700.

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