EURUSD Breaks Above 1.1200 on Positive Euro-Zone Data Releases
EURUSD Price, Chart and Analysis:
- EURUSD may be starting a small corrective wave higher within a longer-term downtrend.
- Euro-Zone GDP edges higher, German inflation may beat expectations.
EURUSD remains within a noted downtrend but may be looking to continue its recent correct bounce higher with the 1.1200 handle in already broken. Today’s Euro-Zone q/q GDP data came in marginally better-than-expected - 0.4% vs 0.3% expectations and 0.2% prior - while recent indications are that German CPI later today may also surprise to the upside after recent regional results. Earlier in the session, German unemployment data also beat expectations, adding another positive EURUSD impulse.
The current positive momentum in EURUSD may see last Wednesday’s 1.1224 level come under pressure before the 20- and 50-day moving averages at 1.1236 and 1.1261 come into view. The CCI indicator shows the pair moving sharply out of oversold territory. EURUSD needs to break and close above the recent double-top at 1.1325 to gain further momentum.
EURUSD Daily Price Chart (August 2018 – April 30, 2019)
Retail traders are 62.9% net-long EURUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes give us a mixed trading bias.
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