Eur/usd - page 469
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The euro marked slight decrease against the dollar on Thursday. The single currency lost some ground for a second day, but the pair failed to break the support at 1.0950. If the negative momentum continu, this level will be overcome.
June 2016 German factory orders -0.4% vs 0.6% exp m/m
Details of June 2016 German factory orders data report 5 August 2016
EUR/USD: Dollar Eases Ahead of Payrolls
The euro ticked higher during the morning dealing on Friday and the EUR/USD pair was traded 0.15% stronger, seen around $1.1145.
Earlier in the day, German factory orders for June unexpectedly fell to -0.4% month-on-month, down from 0.1% previously. The yearly print cratered from -0.2% to -3.0%. The euro ignored these weak numbers and was trading elevated on the day.
In addition, industrial production in Spain grew 0.8% in June on a yearly and seasonally-adjusted basis, less than the 1.1% gain expected by analysts.
In Italy, factory output is seen hiking 0.2% on a monthly basis in June, a rebound from a 0.6% fall in May.
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EUR/USD Weekly Outlook: Empty Macro Calendar Puts Pair Back in Neutral
The EUR/USD pair recently dropped back below the 200-day moving average at $1.1080 and wiped out all previous gains. It also canceled the latest bullish bias. The trend remains choppy and should continue in the week ahead.
The European calendar starts on Monday with German industrial production for June, which is expected to improve on both the monthly and yearly basis.
Tuesday will bring German trade balance and current account news for the month of June.
On Friday, German inflation indices are due, along with second quarter GDP. Then the euro zone's GDP for the second quarter will be published, followed by the euro zone's industrial production for June.
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EUR/USD forecast for the week of August 8, 2016
The EUR/USD pair fell during the course of the week, forming a slightly negative candle. However, there is a significant amount of support below near the 1.10 level below, so I feel that the markets will continue to find quite a bit of volatility in this region. With this, I do not have any interest whatsoever in trading this market from a longer-term perspective, and believe that we may be looking at a market that can only be traded from the short-term charts. I do not anticipate any major moves in the short-term, so therefore I think that scalping is about as good as this gets.
The euro continued to lose ground against the dollar for a third straight session on Friday. The good data on the new jobs in US contributed to increased volatility and ultimately the euro depreciated by 40 pips to a closing price of 1.1087. Currently the 100 MA acts as a support, but a possible breakthrough would lead to 1.1045 and would reinforce the negative attitude.
Last Friday sent the EUR/USD pair to lower levels and today is staying in muted mode. Anyway Friday’s low at 1.1044 is within the supposed sideway range. Any possible euro bears’ efforts will run across the key resistance at 1.12 area.