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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here:
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here:
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here:
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection -
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:
EUR/USD Price Outlook: ECB Meeting Now in Focus After Mixed PMIs

EUR/USD Price Outlook: ECB Meeting Now in Focus After Mixed PMIs

2019-10-24 08:03:00
Nick Cawley, Strategist

EUR/USD Price, News and Analysis:

  • French PMIs beat expectations, German PMIs disappoint.
  • EURUSD bounce short-lived, all eyes on ECB meeting at 11:45 GMT.

Brand New Q4 2019 USD and EUR Forecast and Top Trading Opportunities

EUR/USD Mixed After PMIs Provide a Short-Term Bounce

A mixed bag of PMIs to start the session with France outperforming and Germany remaining mired. A strong set of French data started moved EUR/USD higher at off with the private sector rebounding strongly, while manufacturing output stayed in positive territory after flirting with contraction last month. A short while later the German data highlighted the ongoing downturn in the economy with employment falling for the first time in six years.

According to Phil Smith, principal economist at IHS Markit, ‘Hopes of a return to growth in Germany in the final quarter have been somewhat dashed by the October flash PMI numbers, which show business activity in the eurozone’s largest economy contracting further and underlying demand continuing to soften’. He added,

‘Perhaps most concerning are the signs of increasing strain on the domestic economy, with growth of service sector activity slowing to the weakest since September 2016 and employment now in decline for the first time in six years.’ The German economy is expected to enter technical recession – two quarters of negative growth – when the Q3 GDP numbers are released in mid-November.

EUR/USD Price Outlook: ECB Meeting Now in Focus After Mixed PMIs

Live Data Coverage – ECB Rate Decision Webinar – 11:30 GMT

EUR/USD remains under pressure with little in the way of bullish momentum to push the pair higher. The technical set-up for the pair remains neutral to negative with the 200-day moving average, currently around 1.1175, capping the upside in the short-term. While today’s ECB meeting is expected to be neutral and more of a farewell party for President Draghi, a break and a close above the 200-dma opens the way to 1.1249, the August 6 lower high. To the downside, big figure support at 1.1100 before 1.0926, the double lows seen in early/mid-September.

EURUSD Daily Price Chart (February – October 24, 2019)

EUR/USD Price Outlook: ECB Meeting Now in Focus After Mixed PMIs

DailyFX Economic Calendar

IG Client Sentiment shows that traders are 57% net-short EURUSD, a bullish contrarian bias.

However recent daily and weekly positional changes give us a mixed outlook for EUR/USD.

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 the Euro and the US Dollar – 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.