EURUSD Price, Chart and Pivot Points:
- Lower highs and lower lows dominate EURUSD trade in 2019.
- Fundamentals point to weak growth in the Euro-Zone.
Q1 2019 EUR Forecast and USD Top Trading Opportunities
The most actively traded fx-pair, EURUSD, continues its drift lower over the past three months with upticks providing investors with selling opportunities. Lower highs and lower lows provide visual proof that the pair continue to weaken, while last Thursday’s print of 1.1176 was the lowest price seen in the pair since late-June 2017. Yesterday’s Ifo Spring Report suggesting that German 2019 growth would fall to just 0.6% added to the general bearishness around the pair, while Euro-Zone growth in the final quarter of 2018 was recently confirmed at a mere 0.2%, after a prior quarter’s skinny 0.1%.
Next week we have Euro-Zone sentiment indicators – ZEW on Tuesday and Markit PMIs on Friday – and another set of weak releases could see EURUSD re-testing its recent lows. Both sets of indicators are already at depressed levels, confirming current market sentiment.
EURUSD Landing Page with Price Analysis, Charts, Pivot Points and Latest News and Views.
EURUSD Daily Price Chart (May 2018– March 15, 2019)
Retail traders are 49.7% net-long EURUSD according to the latest IG Client Sentiment Data, a bullish contrarian indicator. Recent changes in daily and weekly sentiment however give us a mixed trading bias.
Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.
What is your view on EURUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.com or via Twitter @nickcawley1.
