We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • #Forex Forecast via @DailyFX: US Dollar Technical Outlook on $DXY, $AUDUSD, $USDCAD, $USDJPY & $EURUSD Full Analysis ⬇️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/11/17/usd-price-us-dollar-chart-forecast-dxy-audusd-usdcad-usdjpy-eurusd.html
  • Further escalation in Hong Kong will likely bode poorly for risk appetite https://t.co/0NjUd3ahBu
  • How should you trade around event risks and what steps can you take to improve your trading psychology? Find out from @JoelKruger, a trading consultant and mentor. Only on Global Markets Decoded. Missed the episode? Read up here:https://t.co/JWIGJk4vKa https://t.co/WB39x4GP99
  • Poll - Does your personality match your #tradingstyle? Vote and find out from @WVenketas here: https://t.co/vREsUIWSJd https://t.co/Ft0ExAmMpq
  • #Dow Jones hits record high, however, central bank liquidity prompts volatility implosion. #FTSE 100 among underperformers with focus remaining on politics. Get your #equities market update from @JMcQueenFX here: https://t.co/EOFleGSeBp https://t.co/ecAyfSUeAM
  • RT @C_Barraud: 🇪🇺 #ECB’s Muller Says More Assets Could Join Stimulus List in Slump - Bloomberg https://t.co/roGEgu0VTQ
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Find out from @JStanleyFX here:https://t.co/O4dgBl47fq https://t.co/OQYqZAYt9S
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/WzRYeqRhUL
  • Despite what your #tradingstyle is, you should be keeping a trading journal. How can you start keeping a trading journal? Find out: https://t.co/0akgWbyJEw https://t.co/4ehMlN4zv1
  • The Euro’s struggle to move higher against a range of currencies continues and without further support this is likely to continue into the year-end. Get your $EURUSD market update from @nickcawley1 here: https://t.co/myZ7R0eGUb https://t.co/12WJd53Cx4
EUR/USD Downtrend Eyed as Euro Sinks Before Good Friday Holiday

EUR/USD Downtrend Eyed as Euro Sinks Before Good Friday Holiday

2019-04-18 23:00:00
Daniel Dubrovsky, Analyst

Asia Pacific Market Open Talking Points

  • Disappointing German and Eurozone data weakened the Euro
  • EUR/USD fell towards support, eyeing downtrend resumption
  • Thin illiquid conditions ahead due to the Good Friday holiday

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

FX News Thursday

The Euro was the worst-performing major on Thursday, declining with front-end Eurozone bond yields signaling increasingly dovish ECB monetary policy expectations. Euro sellers had disappointing German wholesale inflation and Eurozone PIM data to compel them. This underpinned concerns that ECB President Mario Draghi noted about the outlook for growth being tilted to the downside from April’s rate decision.

EUR/USD Technical Analysis

On a daily chart, EUR/USD declined by the most in a single day in almost four weeks (-0.6%). Prices fell under a near-term rising support line that was initiated by a bullish Morning Star at the end of March. This was also after support-turned-resistance held at 1.1302. Negative RSI divergence also preceded the turn lower over the past 24 hours. With that in mind, EUR/USD is eyeing support next at 1.1176. If broken, the dominant downtrend from a year ago may resume.

EUR/USD Daily Chart

EUR/USD Downtrend Eyed as Euro Sinks Before Good Friday Holiday

Chart Created in TradingView

Amidst the backdrop of economic weakness from Europe and the Euro, the US Dollar was quick to capture the attention of traders. Better-than-expected US retail sales data offered the Greenback a further boost, but softer market manufacturing and services PMI data took some of that away. While the latter also hurt the S&P 500, it ended the day higher as it was supported by the industrial sector.

Friday’s Asia Pacific Trading Session

With US markets offline on Friday due to the Good Friday holiday, expect thin and more illiquid-than-usual trading conditions during the Asia Pacific trading session. The Nikkei 225 may gap to the upside as it echoes gains from the Wall Street trading session, but follow-through may be lacking until next week. As such, the anti-risk Japanese Yen may remain mute, brushing aside local inflation data given a status quo BoJ.

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.