Euro Closed Weak Yesterday At 1.1430
SquaredDirect | Feb 05, 2019 04:01AM ET
Fundamental Highlights
The euro closed a bit weak yesterday at 1.1430 after a slow session with lack of economic data. Furthermore, investors are still digesting Friday’s NFP mixed report. The question currently in investors' minds is: Will the FED continue raising rates after the latest strong NFP data, or will they back off and possibly even cut rates? This uncertainty could keep the euro trading in the same range until further clarity from the FED. In economic news, yesterday the US Factory Orders came in at -0.6% missing the 0.3% forecast. Today, we have a full day of data releases starting with the eurozone Services PMI and Retail Sales in the morning. Later in the day, the U.S. Services PMI and ISM Non-manufacturing PMI will be released.
Technical Analysis
The euro closed below the 1.1450 (S1) support level, but the bears face a hurdle with the confluence of the support levels up ahead. 1.14-1.1420 (S1, 50 and 200day moving averages) is a key support for the bulls, if they lose it we could possibly see more weakness in price towards 1.1350 (S2). On the other hand, if price breaks above 1.1450 (R1) it could pave the way to retest the 1.1485 (R2) resistance.
Support: 1.14/ 1.1350
Resistance: 1.1450/ 1.1485
Disclaimer: Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.