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
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjAQDw https://t.co/mFv1EOYMjG
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
Euro Forecast: EUR/USD Selloff Ahead of Key EU, German Data?

Euro Forecast: EUR/USD Selloff Ahead of Key EU, German Data?

2019-11-27 08:00:00
Dimitri Zabelin, Junior Currency Analyst
Share:

Euro, EUR/USD, Eurozone Economic Data– Talking Points

  • Euro may fall if Eurozone confidence data spooks markets
  • Market volatility may be amplified by German CPI report
  • EUR/USD on verge of breakdown as it approaches 1.0989

Learn how to use politicalrisk analysis in your trading strategy!

The Euro may fall if Eurozone confidence data underscores a gloomy spirit in consumers and businesses amid the regional slowdown. German CPI may also amplify a Euro selloff if the statistics show weakening price growth out of Europe’s largest economy following this week’s unnerving IFO data. From a technical perspective, EUR/USD may be on the verge of breaking key support that may catalyze an aggressive selloff.

Confidence is Key: How European Consumers, Businesses Are Feeling

Amid the regional slowdown from both internal political strife and unresolved structural issues and external risks, Eurozone consumer and business confidence has been waning. The various sentiment indicators are all lingering at five-year lows, which at that point in time was around the period of the Eurozone debt crisis. While the region is not embroiled in that degree of turmoil, there are certainly many factors that could lead it there.

Chart showing Eurozone Economy

Manufacturing in particular has been suffering in large part from the US-China trade war that has plunged the world into an industrial “recession”. The relatively resilient labor market has managed to keep the contagion of the manufacturing slowdown at bay, though officials fear a spillover could severely impair growth. Looking ahead, traders will continue to monitor these reports against the backdrop of escalating EU-US trade tensions.

Chart showing Eurozone Economy

EUR/USD Technical Outlook

EUR/USD has retraced approximately half of the gains it has acquired during the October uptrend. The next key price level to monitor will be support at 1.0989. The pair is currently hovering just below support-now-turned resistance at 1.1022, a key price level I have been watching for a little over a week. A break below 1.0989 could precede a selloff and further undo EUR/USD’s progress in the prior month.

EUR/USD – Daily Chart

Chart showing EUR/USD

EUR/USD chart created using TradingView

EURO TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

DISCLOSURES

News & Analysis at your fingertips.