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EUR/USD Price Slides After Eurozone and German Sentiment Crashes

EUR/USD Price Slides After Eurozone and German Sentiment Crashes

Nick Cawley, Strategist

EUR/USD Price, News and Analysis:

  • ZEW data misses lowly expectations by some distance
  • EUR/USD under selling pressure as coronavirus roils markets

EUR/USD Back Below 1.1100 After Dire ZEW Sentiment Data

The single currency is back under pressure after the latest ZEW data highlighted the effect the spread of coronavirus has had on economic sentiment. Markets were expecting the figures to be bad, but todays released missed even the most pessimistic forecasts, leaving the Euro at risk of even further falls.

“The slump of the ZEW Indicator of Economic Sentiment was to be expected. The economy is on red alert. The financial market experts currently expect to see a decline in real gross domestic product in the first quarter, while also considering a further drop in the second quarter to be very likely. For the whole of 2020, the majority of experts currently expect a decline in real GDP growth of approximately one percentage point as a result of the corona pandemic,” saidZEW President Professor Achim Wambach.

While data is still important, the actions of the ECB and the Eurozone’s further response to covid-19, will be the driver of future price action.

EUR/USD Price Slides After Eurozone and German Sentiment Crashes

German ZEW Economic Sentiment March

EUR/USD Price Slides After Eurozone and German Sentiment Crashes

EUR/USD is back below 1.1100 and is now looking to test the 200-day moving average again, around the 1.1068 level. Below here, 1.1030 and 1.0985 beckon if negative sentiment continues. All eyes on the ECB and member state responses to the growing coronavirus threat.

EUR/USD Daily Price Chart (September 2019 – March 17, 2020)

EUR/USD Price Slides After Eurozone and German Sentiment Crashes

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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.

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