The single European currency has been suffering in its pair against the Australian dollar in recent months.
The pair has been stuck in its range between the 1.6590 point and the 1.6034 point from early summer onwards.
This was around the time that many riskier currencies began to bounce back following what was perceived as the beginning of the end of the first wave of the coronavirus pandemic.
The Aussie dollar has continued to benefit from a tentative move towards risk since then.
One suggestion on the table is that the pair could now begin to see a rise to the far end of its current bounded range.
This is located just above 1.6498 on the price chart and has been described as a resistance area.
From there, say strategists, it could go on to reach some of the high points it saw towards the end of May of this year.
In the opposite direction, analysts suggest, the pair could go down to some of its lows from last year – though that appears to be less likely at the moment given the weakness of the pair at present.
Moving away from price chart action, it is worth noting that there are several key events coming up for both of these currencies across the course of this week.
The economic calendar shows that Monday will be dominated by a speech from Christine Lagarde, the President of the European Central Bank.
This speech is due to be delivered at 12:45pm GMT and follows a recent meeting of the Europe-wide central bank.
More central banker speeches will be delivered on Tuesday, several of which have the capacity to move this pair.
Guy Debelle from the Reserve Bank of Australia is scheduled to speak at 12:30am GMT.
At 12pm GMT, there will be a speech from Fabio Panetta, who sits on the European Central Bank’s Executive Board.
However, it is important to stress that all of these events will be set against a context of a packed global economic calendar.
Tuesday will see speeches and testimonies from the likes of Jerome Powell at the US Federal Reserve – suggesting that events in Australia and Europe may be at risk of being knocked out of the headlines.
Preliminary Europe-wide consumer confidence figures for September will be out on Tuesday at 2pm.
These are expected to show no change from the last point at which they were recorded, which was -14.7.
In Australia, the Commonwealth Bank will reveal its preliminary purchasing managers’ index figures for September at 11pm GMT.
These will look at both manufacturing and services.
Both are likely to show a slight downward tick.
Early on Wednesday, meanwhile, preliminary retail sales figures for August will come out of Australia.
Month on month, this was last recorded at 3.2% – but there is as yet no economist prediction of where it will move to this time.
- MetaTrader MT4 and MT5 Disappear From Apple’s App Store
- The New Crypto Scams To Look Out For After ‘The Merge’
- Online Influencer And $55m Disappear In Social Media Forex Scam
- World’s Largest Corporate Owner of Bitcoin Charged By Attorney General
- Risk Presented By New ‘Clone’ Firm Jupiter Holdings Merits FCA Intervention
- Crypto Bridges Account For 69% Of All Crypto Hacks So Far This Year
MetaTrader MT4 and MT5 Disappear From Apple’s App Store
Safest Forex Brokers 2022
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||Your capital is at risk Founded: 2006||Globally regulated broker||
BEST CUSTOMER SUPPORT Visit broker
|#2||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
|#3||66% of retail CFD accounts lose money Founded: 2014||Global Forex & CFD Broker||
Best Trading Conditions Visit broker
|#4||67% of CFD traders lose Founded: 2007||Global CFD & FX Broker||
ALL-INCLUSIVE TRADING PLATFORM Visit broker
|#5||72 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008||Global CFD Broker||
Best Trading App Visit broker
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox