0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Mixed
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
Bullish
USD/JPY
Bearish
More View more
EURUSD Sentiment Broken After Feeble German and French PMIs

EURUSD Sentiment Broken After Feeble German and French PMIs

2019-03-22 09:16:00
Nick Cawley, Strategist
Share:

EURUSD Price, Chart and PMIs:

  • EURUSD trades back below 1.1300
  • German manufacturing PMI hits a six-and-a-half year low.

Q1 2019 EUR Forecast and USD Top Trading Opportunities

The Euro fell sharply Friday after the preliminary IHS Markit PMIs pointed to Q1 GDP growth of just 0.2% in the Euro-Zone, due largely to a sharp contraction in manufacturing activity. All three French PMI fell below 50, the expansion/contraction level, while German manufacturing activity hit a six-and-a-half year low.

EURUSD Sentiment Broken After Feeble German and French PMIs

DailyFX Economic Calendar

Commenting on the flash Euro-Zone PMI data, Chris Williamson, chief business economist at IHS Markit said: “The eurozone economy ended the first quarter on a soft note, with the flash PMI running at one of the lowest levels seen since 2014. The survey indicates that GDP likely rose by a modest 0.2% in the opening quarter, with a decline in manufacturing output in the region of 0.5% being offset by an expansion of service sector output of approximately 0.3%”.

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

EURUSD fell briefly back below 1.1300 after the release the French and German numbers – having touched a recent high of 1.1450 post-FOMC on Wednesday - and is now below all three moving averages. The pair have moved out of overbought territory and may now struggle either side of the 1.1300 handle in the short-term.

EURUSD Daily Price Chart (July 2018 – March 22, 2019)

EURUSD Sentiment Broken After Feeble German and French PMIs

Retail traders are 47.9% 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 for EURUSD.

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.

DISCLOSURES

News & Analysis at your fingertips.

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.