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. See our updated Privacy Policy here.

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
Subscribe
Please try again
More View more
Real Time News
  • Gold prices are poised for a breakout in the days ahead as XAU/USD contracts into longer-term uptrend support. Get your weekly gold forecast from @MBForex here: https://t.co/nqPwZOLgEk https://t.co/rTWVRs1oJd
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.11% US 500: 0.77% France 40: 0.18% FTSE 100: 0.10% Germany 30: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/LMuIXZ9D6X
  • The main focus in the FX space has been the Japanese Yen which continues to go up in smoke across the board. Get your market update from @JMcQueenFX here:https://t.co/2G4zEG3B4t https://t.co/SSdJODy7dW
  • EUR/USD looking to close out the week above the key 1.16 level, now trading at 1.1603 $EURUSD https://t.co/1e9bQlNK8y
  • Free Bird was on the radio when I was getting my lunch. That is my 'an angle gets its wings' moment for the fall
  • Three Democrats urge House to pause overseas tax hike - Politico via BBG
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.22% Silver: -0.85% Gold: -1.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OvO7iACS4m
  • Chinese growth projections for 2022 and 2023 have been revised marginally lower in the recent International Monetary Fund (IMF) Economic Outlook. Get your market update from @CVecchioFX here:https://t.co/0fFdyeyJ5s https://t.co/eT3HDguQk6
  • Well that was quite clean #Gold #XAUUSD https://t.co/RunzG8NAuN
  • RT @KThomasDC: "To be honest with you, we’re probably not going to get $3.5 trillion this year," Biden says in Hartford. "We’re going to ge…
EUR/USD Price Slumps Through Support Ahead of US Jobs Data, Chart Remains Weak

EUR/USD Price Slumps Through Support Ahead of US Jobs Data, Chart Remains Weak

Nick Cawley, Strategist

EUR/USD Price, News and Analysis:

  • German industrial production data highlights economic weakness.
  • EURUSD takes out support and eyes multi-month lows.

EUR/USD Price Rattled by More Weak German Economic Data

German industrial production fell heavily in December, missing pessimistic market expectations. On a month-on-month prices production crashed to -3.5% against expectations 0f -0.2% and 1.2% in November, while annual nsa and wda production hit -6.8%, compared to a forecast of -3.7% and a prior month’s -2.5%. These numbers continue this week’s trend of poor German and Euro-Zone data and question the recent view that the Euro-Zone economy has bottomed out and may be turning higher.

EUR/USD Price Analysis: Treading on Thin Ice After Dismal German Data

For all important market data releases and events, see the DailyFX Economic Calendar

The latest US Jobs report is released at 13:30 GMT today and if the US dollar gets a further boost, EUR/USD is primed to attempt a break through the double low made in August at 1.0941. The US dollar remains strong, and at multi-month highs, with expectations that a NFP print above market expectations of 160k, is likely, especially after Wednesday’s ADP release which showed private sector hiring at a 4year+ high.

Live Data Coverage of US NFPs from 13:15 GMT on February 7 with DFX analyst Richard Dvorak

While this week’s price action has been one-way, markets do have a habit of throwing a spanner in the works and any NFP print around the 160k-170k may disappoint the market and prompt USD profit-taking ahead of the weekend. While the short-to medium-term trend looks set in EUR/USD, the oversold nature of the market, using CCI, may support the pair for now. And if EUR/USD continues to move lower, expect US President Trump to up the ante on US-EU trade talks in the near future, or double-down on criticism of the Fed and the current ‘high’ levels of US interest rates.

EUR/USD Daily Price Chart (August – February 7, 2020)

EURUSD price slumps through chart support

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 via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES