EUR/USD Outlook Steady Round 1.1600 For Now

EUR/USD Worth, Chart, and Evaluation

  • German ZEW highlights a extra optimistic outlook.
  • EUR/USD stays caught in a spread and on the dollar’s mercy.

Preserve updated with all market-moving information releases and occasions through the use of the DailyFX Calendar

The most recent German ZEW information recommend that whereas present situations are troublesome, there could also be higher occasions forward for the Eurozone’s largest member state and the block as a complete. In line with the ZEW report, consultants count on progress to renew and inflation to scale back in each the Eurozone and Germany over the subsequent six months.

EUR/USD Outlook Stable Around 1.1600 For Now

Forward, merchants ought to monitor ECB President Christine Lagarde’s speech at 13:00 for any commentary about inflation and the market’s present fee hike pricing.

The current weak spot within the US dollar has helped push EUR/USD larger however it could now take a extra basic transfer to nudge the pair again above the 1.1690/1.1700 zone. Final Friday’s break beneath 1.1514, a 16- month low, was shortly purchased again and suggests {that a} vary between 1.1515 and 1.1700 will doubtless maintain over the quick time period. We recognized this field construction final week and advised that assist could also be examined, and this view hasn’t modified.

EUR/USD Testing Support Ahead of the Latest US Jobs Report

Euro (EUR/USD) Day by day Worth Chart November 9, 2021

EUR/USD Outlook Stable Around 1.1600 For Now

Retail dealer information present 57.72% of merchants are net-long with the ratio of merchants lengthy to quick at 1.37 to 1.The variety of merchants net-long is 2.81% decrease than yesterday and three.43% larger from final week, whereas the variety of merchants net-short is 8.09% larger than yesterday and 0.53% larger from final week.

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests EUR/USD costs could proceed to fall. Positioning is much less net-long than yesterday however extra net-long from final week. The mixture of present sentiment and up to date modifications offers us an extra combined EUR/USD buying and selling bias.

What’s your view on EUR/USD – bullish or bearish?? You possibly can tell us by way of the shape on the finish of this piece or you’ll be able to contact the creator by way of Twitter @nickcawley1.

Source link

Leave a Reply

Your email address will not be published.