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EUR/USD Biased Lower as High Importance Data and Events Near

EUR/USD Biased Lower as High Importance Data and Events Near

2019-10-29 10:42:00
Nick Cawley, Strategist
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EUR/USD Price, Analysis and Chart:

  • EUR/USD nears two-week low ahead of major data run.
  • A break below 1.1000 would re-open the May 2017 low.

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

EUR/USD Eyes a Packed Economic Calendar inc FOMC and US Non-Farm Payrolls

The most commonly traded FX-pair, EUR/USD, is running into a packed economic and event calendar with volatility expected to rise during the rest of the week. The Average True Range (ATR) of the pair has fallen from around 58 pips to around 43 pips over the last month and any data beat, or miss may add volatility into what has been a quiet FX-pair of late. There are important data Eurozone data releases for the rest of the week, while in the US there is the FOMC rate decision (Wednesday), and US non-farm payrolls and ISM numbers on Friday.

DailyFX Economic Calendar

The EUR/USD spot price tested and baulked at the 200-day moving average just over a week and has fallen steadily since. The pair are now testing the two-week low around 1.1074, an area of confluence with the 20-dma. A break and close below here will see the 50-dma at 1.1030 under pressure before a big figure break. Below 1.1000, 109.29 and then the multi-month low at 1.0879 come into view.

Further losses below here would need a considerable impulse as political factors may come into play. US President Donald Trump would push back against any further weakness in the Euro, a currency that he feels is being moved lower to make Eurozone exports more affordable.

EURUSD Daily Price Chart (December 2018 – October 29, 2019)

EUR/USD Biased Lower as High Importance Data and Events Near

IG Client Sentiment shows that traders are 53% net-short EURUSD, a bullish contrarian bias.

Recent daily and weekly positional changes however give us a mixed trading bias.

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.

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