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EUR/USD Mid Week Update 15 Nov 18

Good day forex traders.
How is your trading for the week? Let’s have a midweek update on the EUR/USD.

In our weekly review, we noted that resistance probably limited bullish manoeuvres and sent the currency pair down. I always emphasis on the importance of sentiments as it is a primary driver of short term price action. The longer the currency pair stays below 1.14, the more likely will bearish momentum build up.

Looking at the daily chart above, we observe an initial push to reclaim 1.14 that has failed for now. The EUR/USD nearly touched 1.12 earlier in the week and may do so soon if the bearish pressure continues to build. Notice the strong bearish trend as highlighted by the yellow line.

The German Preliminary GDP came in lower than expected. Being the euro zone’s biggest economy, it is likely to have a detrimental impact on the euro currency. Similar lacklustre economic data was reported for other European countries and British unemployment rate increased unexpectedly. The euro zone faces an additional layer of challenge due to the different economies in the union that have different characteristics.

Over across the Atlantic, the US reported a surge in retail sales. This is very positive for the US dollar in both economic and sentimental terms. Increased spending suggests a healthy economy and has a positive upstream impact on for the retailers, wholesalers, etc. The better than expected retail sales is also a welcome sight instead of the previous low that threatens to cast dark clouds over the US economy.

We still have speeches from the US Federal Reserve chair and European Central Bank president scheduled for the week. Unexpected developments will likely result in increased volatility.

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