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Fundamental Analysis
Fundamental updates by Solid ECN
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[QUOTE="SOLIDECN, post: 213796, member: 80239"] [HEADING=1][JUSTIFY]EURUSD - European currency remains under pressure[/JUSTIFY][/HEADING] [JUSTIFY]The single currency noticeably weakened in the second half of last week after the publication of Friday's report on the US labor market, which confirmed the commitment of the US Federal Reserve to the course of further tightening of monetary policy. Thus, in September, 263.0 thousand new jobs were created after 315.0 thousand recorded in the previous month. Analysts had expected growth of the indicator by only 250.0 thousand. At the same time, the Average Hourly Earnings in September maintained a monthly growth rate of 0.3% but slowed down in annual terms from 5.2% to 5.0%. At the same time, the Unemployment Rate fell from 3.7% to 3.5%, while investors did not expect any changes. [img]https://i.ibb.co/g6v5SyZ/eurusd-1.png[/img] Weak macroeconomic statistics from Germany put additional pressure on the instrument. Retail Sales fell 1.3% in August after increasing 1.9% a month earlier, while analysts had expected a decline of 1.0%. In annual terms, the decline in sales accelerated from -2.6% to -4.3%, which turned out to be slightly better than experts' forecasts at the level of -5.1%. [img]https://i.ibb.co/1L7FF6w/eurusd-2.png[/img] Meanwhile, gas reserves in European storage facilities, according to the Gas Infrastructure Europe association, exceeded 90.1%, while warm weather in the region, as well as high wind generation rates, contribute to a decrease in "blue fuel" prices in Europe. The spot gas price at the Dutch gas hub TTF fell to a low of 1.612 thousand dollars. Nevertheless, experts believe that in order to combat the consequences of the energy crisis, the European authorities need to spend more than 1.5 trillion euros additionally, otherwise the decline in GDP could range from 6.5 to 11.5%. [B]Resistance levels[/B]: 0.975, 0.98, 0.985, 0.99 | [B]Support levels[/B]: 0.97, 0.96, 0.9534, 0.95[/JUSTIFY] [/QUOTE]
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