July 13, 2022 02:22 AM ET
By: AnalysisWatch
The EURUSD resumed its downward trend after the Harmonized Index of Consumer Prices (HICP) in Germany landed stable at 8.2%. Earlier, the asset moved back and forth in a narrow range of 1.0023-1.0047 in Asian trading after experiencing a slight correction from 1.0074. The asset has been moving sideways after falling below the magic number of 1.0000 on Tuesday after almost two decades. The sideways movement does not warrant a bullish reversal as the ongoing stock distribution points to further losses.
The U.S. Dollar Index (DXY) showed some exhaustion signals after hitting a fresh 19-year high of 108.56 on Tuesday. The loss of momentum after a significant high suggests that the intermediate high is available for reference. In today's session, the DXY has shown lackluster performance, and market participants will observe a downward movement if it loses the opening price level at 108.15.
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