State of the Market: euro slows growth

Closer to the end of the European session, the market is showing a decrease in optimism relative to the euro and the formation of lateral trends. This movement is caused by a decrease in trading volumes due to the day off in the US. The stock markets also show a decrease in enthusiasm after the positive opening of Asian sites at the beginning of the day.

The main driver of the market movement is still the sale of the US dollar based on the data on the slowdown of the US economy and possible prospects for the growth of the euro. From a technical point of view, further decline in the US dollar index against major competitors remains difficult due to the significant oversold and development of the figure “head and shoulders”. To maintain this dynamic, the American need significant drivers or at least a correction.

Graph of the US dollar index. The current price is 90.20.

Hanzenko Anton