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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
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
Gold
Bearish
Low
High
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/qWGrrAmsYN
  • New Zealand new home lending increases 6.3% MoM to a record NZ$7.78B - BBG $NZDUSD
  • If you missed today's session on IGCS where I discussed #DowJones, #SP500, #CrudeOil, $GBPUSD and #Gold prices, check out the recording on YouTube here - https://t.co/smORERZuGX
  • Wall Street Futures Update: Dow Jones (+0.437%) S&P 500 (+0.468%) Nasdaq 100 (+0.706%) [delayed] -BBG
  • #Copper extending gains to highest since 2014 in London -BBG
  • Hang Seng Index (HSI) has likely broken a key resistance level of 26,840, propelled by financial stocks: - HSBC (+5.28%) - Standard Chartered (+3.59%) - Ping An Insurance (+2.45%) https://t.co/XBv5In1NJ5
  • Japanese PM Suga says Japan doing everything it can to protect jobs - BBG
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/wMZn4SDCp8
  • Precious Metals Technical Analysis: #Gold and #Silver Rebound at Hand? - https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2020/11/25/Precious-Metals-Technical-Analysis-Gold-and-Silver-Rebound-at-Hand--.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $GLD $SLVR https://t.co/wHwsO23TLu
  • Currency traders may eye US PCE inflation data today for clues about continuous rising price levels and how it may impact the Fed’s monetary decisions. Find out more on the DailyFX economic calendar. https://www.dailyfx.com/economic-calendar#today https://t.co/jlmSkHmhE0
EUR/USD Slides Lower as Weak German Economic Sentiment Sparks New Recession Fears

EUR/USD Slides Lower as Weak German Economic Sentiment Sparks New Recession Fears

2020-11-10 10:26:00
Nick Cawley, Strategist
Share:

ZEW and EUR/USD Price, News and Analysis:

  • ZEW sentiment readings miss lowly expectations.
  • EUR/USD client sentiment mixed.
Advertisement

The German ZEW economic sentiment reading for November has once again taken a sharp decline, plummeting 17.1 points to 39.0, according to the latest report. According to ZEW President Professor Achim Wambach, “Financial experts are concerned about the economic impact of the second wave of COVID-19 and what this will entail. The ZEW Indicator of Economic Sentiment has therefore once again significantly decreased in November, indicating a slowdown of economic recovery in Germany. There is also the additional worry that the German economy could head back into recession’.

EUR/USD Slides Lower as Weak German Economic Sentiment Sparks New Recession Fears

The single fell back to 1.1800 after the ZEW survey was released. The US dollar has picked up a small bid, helped in part by higher US Treasury yields, and a risk-on tone across the market, driven by Joe Biden’s presidential victory and positive coronavirus drug news. The pair touched a multi-week high around 1.1920 yesterday but the subsequent sell-off produced a bearish engulfing candle formation, suggesting lower prices ahead.

EUR Forecast
EUR Forecast
Recommended by Nick Cawley
Download our Q4 Euro Forecast
Get My Guide

EUR/USD Daily Price Chart (April – November 10, 2020)

EUR/USD Slides Lower as Weak German Economic Sentiment Sparks New Recession Fears
EUR/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% 13% 5%
Weekly -20% 4% -3%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

IG Retail trader datashow27.83% of traders are net-long. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise.Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EUR/USD trading bias.

What is your view on EUR/USD – 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