Friday, February 1, 2019

EUR/USD - 01 February 2019

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Fundamental Highlights

The Euro drops back towards the 1.1450 level as economic data from Europe continue to disappoint. Weakness seen in economic data came mainly from Germany, the bloc's largest economy. German Retail Sales disappointed, printing at -4.3% compared to the expected -0.5%. Additionally, German Unemployment Change failed to meet expectation, printing at -2K compared to the expected -11K. For today, the focus will remain on economic data but this time from the US as the NFP report is set to be released later during the day.

Technical Analysis

The Euro trades around the 1.1450 support level in anticipation of the release of the NFP report. Positive NFP results will allow for a break below the 1.1420 support paving the way for a drop towards 1.1375. Negative NFP results will allow for a bounce off the current support level and pave the way for a rise above the 13-period moving average all the way towards 1.1524.

Support: 1.1450/ 1.1375
Resistance: 1.1524 / 1.1560

Chart (H4)
EURUSD