The euro is beginning to strengthen again, despite continuous pressure from the dollar. However, the continuous interest rate hikes by the ECB have put significant downward pressure on inflation. Even though inflation rates in Germany have dropped slightly and inflation rates in other peripheral countries have remained stable, concerns have arisen due to the rising oil prices, which could potentially push inflation rates higher once again.
Today's announcement of the eurozone inflation rate is in line with analysts' expectations, showing a decrease to only 4.5% from the previous 5.2%. This indicates that inflation rates in individual eurozone countries have started to decline, especially in Germany, which is considered the strongest economy in the eurozone, where inflation has dropped to 4.5% from 6.1% in the previous month.
Germany's import prices have also decreased by 16.4% YoY in August, primarily influenced by the increased prices of various products in the previous year after the Ukraine conflict. Despite some reduction in energy costs, consumer goods prices have slightly increased due to increased demand. Retail sales have plummeted by 1.2% MoM in August due to persistent high inflation.
The release of bank loans to households in the Eurozone increased by 1% YoY in August, due to the persistent slowdown in loan demand. This can be attributed to the ECB's stricter policy, which has led to a reduction in consumer spending that is difficult to avoid. Additionally, the growth of loans to companies has also slowed down, partly due to increasing cost issues.
Consumer confidence in the Eurozone decreased to -17.8 in September, as survey respondents increasingly held negative views on the future financial situation of households, and the current economic situation continues to exert limited growth prospects for the national economy.
The yield on 10-year Eurozone bonds increased slightly to 3.59% as investors anticipated that the ECB would not make any further interest rate hikes this year. Furthermore, the decline in inflation rates has also boosted confidence that the Eurozone economy is stabilizing after the rapid interest rate hikes by the ECB in recent times.
Resistance: 0.9446, 0.9468, 0.9480
Support: 0.9412, 0.9400, 0.9378
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 0.9378 | 0.9400 | 0.9412 | 0.9434 | 0.9446 | 0.9468 | 0.9480 |
| Fibonacci | 0.9400 | 0.9413 | 0.9421 | 0.9434 | 0.9447 | 0.9455 | 0.9468 |
| Camarilla | 0.9414 | 0.9417 | 0.9421 | 0.9434 | 0.9427 | 0.9430 | 0.9433 |
| Woodie's | 0.9372 | 0.9397 | 0.9406 | 0.9431 | 0.9440 | 0.9465 | 0.9474 |
| DeMark's | - | - | 0.9406 | 0.9431 | 0.9440 | - | - |
Buy/Long 1: If the price touches the support level in the range of 0.9400 - 0.9412 but cannot break the 0.9412 support, you may consider setting a TP at approximately 0.9468 and a SL at around 0.9378 or according to your acceptable risk.
Buy/Long 2: If the price breaks the resistance level in the range of 0.9446 - 0.9468, you might consider setting a TP at approximately 0.9480 and an SL at around 0.9400 or according to your acceptable risk.
Sell/Short 1: If the price touches the resistance level in the range of 0.9446 - 0.9468 but cannot break the 0.9446 resistance, you could think about setting a TP at approximately 0.9400 and an SL at around 0.9480 or according to your acceptable risk.
Sell/Short 2: If the price breaks the support level in the range of 0.9400 - 0.9412, you may consider setting a TP at approximately 0.9378 and an SL at around 0.9468 or according to your acceptable risk.
| Name | Value | Action |
| RSI(14) | 43.480 | Sell |
| STOCH(9,6) | 33.482 | Sell |
| STOCHRSI(14) | 2.496 | Oversold |
| MACD(12,26) | 0.001 | Buy |
| ADX(14) | 50.231 | Sell |
| Williams %R | -95.760 | Oversold |
| CCI(14) | -139.2524 | Sell |
| ATR(14) | 0.0027 | Less Volatility |
| Highs/Lows(14) | -0.0039 | Sell |
| Ultimate Oscillator | 46.075 | Sell |
| ROC | -0.356 | Sell |
| Bull/Bear Power(13) | -0.0063 | Sell |
|
Buy:1 Sell:8 Neutral:0 Summary:Strong Sell |
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