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The European currency is trying to hold its positions and continue to rise, but analysts are uncertain whether this is possible. On Wednesday, September 4, the euro was in the black, ending trading growth, but analysts believe that this will be followed by a decline.
The single currency was strengthened by a number of factors: a weakening US dollar, a decrease in tensions in Hong Kong, and an improvement in the political situation in Italy and the UK. Factors that are in favor of the euro include the recent comments of Christine Lagarde and a possible contender for the presidency of the ECB. According to her, large-scale and long-term easing of monetary policy is fraught with negative side effects. These comments forced market players to rethink the scope of "dovish" expectations regarding the ECB meeting, scheduled for September 12 this year.
On Thursday, September 5, the single European currency slumped moderately against the US currency after a dynamic strengthening the day before. The EUR/USD pair recovered to 1.10399. According to analysts, buyers of the euro are ready to move on - to the levels of 1.10650–1.10700. Currently, the pair has pulled back from the lower boundary of the so-called "descending wedge". The euro traded in the range of $1.10585 to $1.0595, and then reached the level of $ 1.10625. The EUR/USD pair jumped and retains the potential of a rebound in the short term, analysts summarize.
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