Breaking News
0

EUR/USD: Euro Stuck In Tight Range

By MarketPulse (Kenny Fisher)ForexMay 09, 2019 06:54AM ET
www.investing.com/analysis/eurusd--euro-stuck-in-tight-range-200419331
EUR/USD: Euro Stuck In Tight Range
By MarketPulse (Kenny Fisher)   |  May 09, 2019 06:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

EUR/USD continues to drift, as the pair is unchanged this week. Currently, the pair is trading at 1.1189, down 0.03% on the day. On the release front, there are no German or eurozone events. The U.S. releases PPI and Core PPI, both of which are expected to slow to 0.2%. Unemployment claims are forecast to drop sharply to 215 thousand, after a reading of 230 thousand in the previous release. As well, Federal Reserve Chair Jerome Powell speaks at an event in Washington. On Friday, Germany releases trade balance and the U.S. posts consumer inflation reports.

On Tuesday, the European Commission lowered its 2019 growth forecasts for Germany and the eurozone, compared to the forecast back in February. The eurozone downgrade was minor, from 1.5% to 1.4%. However, the forecast for Germany was slashed from 1.1% to 0.5%. The EU noted that the downside risks to the eurozone remain “prominent”, and noted that deadlines for the U.S-China trade talks and Brexit had come and passed, leaving significant uncertainty about the economic outlook. The report warned that “an escalation of trade tensions could prove to be a major shock.” The weak German forecast and pessimistic tone of the report could dampen investor appetite for the euro, although the currency has held steady on Tuesday.

At last week’s Federal Reserve policy meeting, the Federal Reserve maintained its key interest rate and indicated that it was comfortable with current monetary policy and had no plans to raise or lower rates in the coming months. However, the U.S. economy has exceeded expectations, with a sparkling GDP of 3.2% in Q1, and a sharp nonfarm payrolls of 263 thousand. Will these sharp numbers make a rate hike more likely? The markets don’t think so. According to the CME Group (NASDAQ:CME), there is zero probability that the Fed will raise rates before 2020. Moreover there is a 60% likelihood that the Fed will cut rates before the end of 2019. This sentiment could weigh on the greenback, as rate hikes make the currency more attractive to investors.

EUR/USD Fundamentals

Thursday (May 9)

Friday (May 10)

*All release times are DST

*Key events are in bold

EUR/USD for Thursday, May 9, 2019

EUR/USD
EUR/USD

EUR/USD for May 9 at 6:45 DST

Open: 1.1192 High: 1.1203 Low: 1.1174 Close: 1.1189

EUR/USD Technicals

S1 S2 S1 R1 R2 R3
1.0950 1.1046 1.1120 1.1212 1.1300 1.1434

EUR/USD is showing limited movement in the Asian and European sessions

  • 1.1120 is providing support
  • 1.1212 remains a weak resistance line
  • Current range: 1.1120 to 1.1212

Further levels in both directions:

  • Below: 1.1120, 1.1046 and 1.0950
  • Above: 1.1212, 1.1300, 1.1434 and 1.1553

Original post

EUR/USD: Euro Stuck In Tight Range
 
EUR/USD: Euro Stuck In Tight Range

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email