TriumphFX Interday Forex Analysis – EUR Pairs – August, September, October 2022

Previous analysis… https://analysis.tfxi.com/2022/03/21/triumphfx-forex-analysis-eur-pairs-april-may-june-2022/

EURCHF – Daily Chart – Down-trending

Price reversed around 1.0500 and has since been bearish, as suggested in our last chart analysis.

EURCHF is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently forming a swing lower. EURCHF is starting to look a little over-extended, suggesting that price may be due a retrace move. The moving averages signal that the trend may continue – they are bearish and steady.

Opportunities to go short could exist around the moving averages, around any of the key Fib levels, around the trend resistance area and around any of the horizontal levels at 0.9965, 1.0095, 1.0250 and 1.0500.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB will continue to keep ultra-loose monetary policy in order to provide support to the Swiss economy. The bank continues to intervene with Foreign Exchange markets with regard to temper the value of the Swiss Franc.

EURGBP – Daily Chart – Indecisive

The EURGBP has been moving sideways.

Price was down-trending but has recently been indecisive and has been moving sideways. EURGBP is looking choppy and is lacking trend direction. The moving averages are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8230, 0.8275, 0.8360, 0.8470, 0.8590, 0.8650 and 0.8690.

The Bank of England (BOE) have increased it’s official bank rate by 0.25% to 0.75%. The official rate is now at pre-COVID levels. Inflation is a concern. The war in Ukraine is likely to increase inflationary pressures on UK households.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices.

EURJPY – Daily Chart – Up-trending

Price has been bullish.

EURJPY was indecisive but recent price action has been bullish and has formed an uptrend. Price is currently in a retrace move and is testing the longer-term moving average. The moving averages are bullish and steady, signalling that the uptrend may continue.

Buying opportunities could exist around the longer-term moving average and around any of the horizontal levels at 133.50, 132.50 and 128.40. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 139.50, 141.50 and 144.00.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices.

The Reserve Bank of Australia (RBA) has increased rates again, by another 0.50% to 1.85%. The rate increases throughout 2022 have been to tackle rising inflation. The RBA have stated that the economic outlook is cloudy, due to the war in Ukraine and China’s anti-COVID measures.

EURUSD – Daily Chart – Clearly down-trending. Potential upside?

As suggested in our previous analysis, the EURUSD reversed around the shorter-term moving average and horizontal level at 1.1140 and has continued down-trending.

Price is clearly down-trending – price action has formed a long series of lower lows and lower highs. Price action has also formed a bearish channel. EURUSD is currently in a retrace move and is testing the bearish channel resistance area. The downtrend has become very clear and obvious, suggesting that price could soon become bullish. The moving averages continue to be bearish and widening though, suggesting that the downtrend could continue.

Selling opportunities may exist around the bearish channel resistance area, around the dynamic resistance of the moving averages, and around the horizontal levels at 1.0375, 1.0775, 1.1160 and 1.1460. A bearish move may stall or reverse around the recent swing low at 1.0020 and around the bearish channel support area.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery post COVID. The funds rate has been raised by 0.25% to 0.50%. The Fed current plans to raise interest rates each meeting until the end of the year, forecasting the rate to be around 1.9% by the end of 2022. The war in Ukraine is likely to increase inflation pressures on the US economy.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices.

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