FX.co - Euro dips after the New Year

3 January 2023 at 9:40AM (UTC+0)

Relevance until4 January 2023 at 9:23AM (UTC+0)

EUR/USD

Euro dips after the New Year

Dollar index, daily chart.

Euro's growth was weak and unstable so it was not surprising that it fell to 1.0545 as soon as the European trading session started.

However, this does not mean that market players should immediately buy the pair as it could still fall to 1.0300-1.0250.

Unfortunately, euro did not try to rise before it fell so there was no good point to start selling.

The reason why euro fell is the weaker EU economy and lower yields than in the US.

Look for selling points if the euro turns sharply upwards.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Jozef Kovach

FX.co ★ Euro dips after the New Year