Wednesday, January 23, 2019

EUR/USD - 23 January 2019

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Fundamental Highlights

The Euro pushes slightly lower as the Euro Zone's ZEW Economic Sentiment figure missed expectations by a small margin. The EU's ZEW Economic Sentiment figure printed at -20.9 compared to the expected -20.1 which reflected worse than expected investor sentiment in the EU region. For today, no significant economic data is set to be released from either the Euro Zone or from the US, thus, the focus will be on any international trade related announcement during the Davos conference.

Technical Analysis

The Euro continues to trend below the 13-period moving average (blue) as a representation of bearish momentum. On both a long term and a short term scale, the Single currency's momentum is bearish given that the currency trades below all the three major moving averages. For today, the next move lower will be confirmed if the Euro breaks below the 1.1343 support, paving the way for a drop towards 1.1310.

Support: 1.1343 / 1.1310
Resistance: 1.1410 / 1.1449

Chart (H4)
eurusd jan23