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EURUSD Price Pushed Lower as German Export Sentiment Crumbles

EURUSD Price Pushed Lower as German Export Sentiment Crumbles

Nick Cawley, Strategist

EURUSD Price, Chart and ifo News

  • EURUSD weakness persists after more German export woes.
  • ECB speakers tomorrow may shed some more light on the EZ economy.

Q1 2019 EUR Forecast and USD Top Trading Opportunities

German exports continue to suffer and business confidence among German exporters has 'clearly deteriorated' according to the latest ifo export expectations survey released earlier today. The export expectations in manufacturing fell to the lowest value since October 2012, with the slowdown in the global economy cited. According to ifo President Clemens Fuest, ‘After the caution expressed in the previous month, export expectations in the automotive industry have weakened considerably, and declines in exports are expected. The same applies to the metals industry. No further growth in exports is foreseen in the mechanical engineering sector, but also no further declines. The chemical industry remains well positioned in foreign business and anticipates additional orders. The electrical industry also expects growth’.

EURUSD Price Pushed Lower as German Export Sentiment Crumbles

Euro Weekly Technical Outlook: EURUSD Rejected by 200-DMA Again.

EURUSD remains just above the 1.13 handle Tuesday but there is little in the way of hard data to help prop the pair up. Tomorrow, ECB President Mario Draghi speaks in Frankfurt at 08:00 GMT, followed by ECB board members Peter Praet, Luis de Guindos and Yves Mersch, while board member Pentti Hakkarainen speaks in Stockholm and Sabine Lautenschalger speaks in Vienna. A further round of negative news on the Euro-Zone economy could see the pair test initial horizontal support around 1.1273 before 1.1216 and 1.1176 come into play.

EURUSD Daily Price Chart (July 2018– March 26, 2019)

EURUSD Price Pushed Lower as German Export Sentiment Crumbles

Retail traders are 51.9% net-long EURUSD according to the latest IG Client Sentiment Data, a bearish 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.

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