EURUSD towed to the south as data remain depressed.
“Holiday season failed to boost Germany’s consumer spending; towing euro lower.”
Euro head towards the south soon after Germany released their economic data which may point towards depressed conditions. For November, both Retail Sales and Factory Orders underperformed even though the country is heading towards the holiday season. Likewise, US ADP latest report shows strong hiring in the private sector for last month, spurring expectation for further tightening from the Federal Reserve.
Quick recap on EURUSD
Euro took a sharp turn after second retest near 1.0706, cutting short its recovery momentum and skewed overall biasness towards the south.
EURUSD Weekly Technical Analysis
As we approach the end of the week, EURUSD stages significant reversal which may cement a divergence in its course of price action for the near-term.
EURUSD Daily Technical Analysis
From daily perspective, MACD shows persistent bearish divergence signal which portrays high skewness towards the downside.
STOP LOSS: 1.0570
Target 1: 1.0430
Target 2: 1.0400
ZFX Analyst’s Comment
Recent price action shows higher possibility for a downside feat as bears takeover and steer the pair.
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