EUR / USD finds support near 1.1250, erasing daily losses
EUR / USD was under renewed selling pressure at the start of the North American session and fell to a fresh daily low near 1.1250 before finding support and recovering at the last hour. At the time of writing, the pair was trading at 1.1270, where it has hardly changed on the daily chart.
Earlier in the day, the European Central Bank's survey of professional forecasters showed that real GDP growth forecasts for 2019 fell to 1.2% from 1.5% previously and 1.4% from 1.5% for 2020 to affect the euro. In addition, a member of the Board of Governors of the European Central Bank and the President of the Bank of France, Villeroy, acknowledged that the euro area economy is slowing down and that they are determined to be "as appropriate as necessary".
On the other hand, after the modest decline yesterday, the dollar index, which measures the greenback against a basket of six major currencies, rose above 97, supported by today's optimistic data from the US and forced the pair to push downward.
Weekly Jobless Claims fell in the week ending April 5 to 196K for the first time since 1969 in the US, while the PPI annualized 2.2% in March to exceed the 1.9% market expectations: with the DXY index falling from session highs in the last hour , The pair did not find it difficult to recover its decline.
Well this week, EURUSD went all the way down to 1.1111 breaking the level of 1.1250 you mentioned. The downfall was slow but steady. It didn't find any support around this region. Only after it reached 1.1111, it stopped dropping. It might continue the downfall next week as all news from the EU area were worst and were pushing EURUSD further down.
EURUSD was here at around 1.1111 last time almost 2 years ago in May 2017. Its going to be interesting to see how it behaves next week after touching levels from almost two years ago.
I think well this week, the downfall was slow but steady.It going to be interesting last 2 years. See how it will be going next week..
Yeah this week, the downfall was sharp. It managed to rise up above 1.1250 but then again due to the Federal Reserve rate announcement this week, it lost all its gains. Same happened with GBPUSD as it lost all of it gains for almost the entire last week.
There is NFP scheduled today so lets see how it goes with the NFP. As its the month's start, I think it will start a solid move, either up or down after NFP.
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