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EURUSD Price Finding Upside Difficult After Latest ZEW Data

EURUSD Price Finding Upside Difficult After Latest ZEW Data

2019-03-19 10:30:00
Nick Cawley, Strategist
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EURUSD Price, Chart and ZEW data:

  • ZEW data mixed but growth remains challenging.
  • EURUSD may struggle to move higher, FOMC on Wednesday.

Q1 2019 EUR Forecast and USD Top Trading Opportunities

A mixed bag of German and Euro-Zone ZEW data with German expectations picking from a lowly level while Euro-Zone economic sentiment stayed mired in negative territory.

EURUSD Price Finding Upside Difficult After Latest ZEW Data

EURUSD nudged lower on the data and in response to news that the German Economic Council had cut its 2019 growth forecast to 0.8% from a prior 1.5%. Traders will now look ahead to the latest FOMC meeting for Fed Chair Jerome Powell’s latest thoughts on the state of the US economy. No rate hike is expected but Powell’s thoughts on the balance sheet will need to be closely monitored.

DailyFX chief strategist John Kicklighter will be covering the FOMC Rate Decision live on Wednesday from 17.45 GMT.

EURUSD Landing Page with Price Analysis, Charts, Pivot Points and Latest News and Views.

EURUSD Five-Minute Price Chart (March 19, 2019)

EURUSD Price Finding Upside Difficult After Latest ZEW Data

Retail traders are 45.2% 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 stronger contrarian bullish bias for EURGBP.

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.comor via Twitter @nickcawley1.

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

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