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
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
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
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
GBP/USD
Mixed
USD/JPY
Bullish
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
More View more
Real Time News
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
  • My weekend trading video: 'S&P 500 Rises on Trump China Presser, #NFPs and Rate Decisions Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/05/30/SP-500-Rises-on-Trump-China-Presser-NFPs-and-Rate-Decisions-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/ZvoGoibzj1
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/gngm5tKqjz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/iL7xlHLBiF
  • #Gold has a short-term bullish set-up that may play nicely with USD weakening. The longer and shorter-term path of least resistance remains higher. Get your $XAUUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/B4MVrg8f6i
EUR/USD May Fall on Covid-19 Eurozone Finance Minister Meeting

EUR/USD May Fall on Covid-19 Eurozone Finance Minister Meeting

2020-04-07 06:00:00
Dimitri Zabelin, Analyst
Share:

EUR/USD, Eurozone Finance Minister Meeting, Coronavirus – Talking Points

  • Asia-Pacific recap: RBA holds rates at 0.25%, warned of hard times ahead
  • Eurozone finance minister meeting could elicit notable volatility in the Euro
  • EUR/USD may bounce from key support and retest descending resistance

Asia-Pacific Recap

The Australian and New Zealand Dollars rose vs their G10 counterparts as part of what appeared to be a spillover of optimism from Wall Street. The haven-linked US Dollar was in the red while Asia-Pacific equities were green, reflecting market-wide risk appetite. AUD rose over one percent after the RBA held interest rates at 0.25 percent and gave a press brief outlining their decision. Read the full report here.

Euro Eyes Eurozone Finance Minister Meeting

In the absence of major market-moving data, the Euro will be putting its focus primarily on the meeting between Eurozone finance ministers. The meeting the prior week failed to yield anything of substance as policymakers debated how to address stimulus concerns. The relatively fiscally conservative North is more inclined to give loans with conditions attached while Southern members states appear to strongly reject it.

Instead, they are proposing – along with some colleagues in the North – to issue joint debt via so-called corona-bonds. However, debt mutualization has been a controversial topic that has been a point of division between North and South for over a decade. Now, when the Eurozone edges closer to the precipice of a deep recession, this tension has been revived with unprecedented urgency.

The Euro may suffer in a politically-static environment if policymakers are unable to reach a consensus on a way forward. Regional consumer confidence data yesterday reported a -42.9 reading, missing the already-low -37.5. The report marked the weakest figures on record. To get a full breakdown of the financial, political and economic implications of the upcoming meeting, click here.

EUR/USD Analysis

Since topping at 1.1139, EUR/USD has faced severe liquidation pressure and has fallen over three percent as it trades below the steep guidance of descending resistance (labelled as “Downtrend Alpha”). If support at 1.0783 holds, the pair may then challenge the slope of depreciation. Having said that, failure to clear it could lead to capitulation and retesting a key floor, which if broken could catalyze a deeper selloff.

EUR/USD – Daily Chart

Chart showing EUR/USD

EUR/USD chart created using TradingView

EURO TRADING RESOURCES

--- Written by Dimitri Zabelin, 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.