EURUSD trading close to weekly lows at 1.1150, in the light of German and EU growth concerns; The German economy shrank by 0.1% in the second quarter from the previous quarter as expected. Eurozone GDP growth slowed from 0.4% during the first quarter to 0.2% in the Q2, 2019. The German ZEW Economic Sentiment came in at -44.1 below expectations of -28.5 for August, the Current Situation came in -13.5 also below expectations of -7 in August.
The pair is trading in narrow trading range as investors are indecisive. EURUSD hit the daily low at 1.1135 and started a slow rebound that reached the daily high at 1.1150. The pair yesterday broke below the established trading range between 1.1170 and 1.1220 and bears now are in control.
Intraday traders might initiate a long position if the pair manages to break above the 1.1150 top targeting the 1.12. A stop loss to 1.1135 the daily low must also be placed for reducing the downside risk as that will signal possibly a move down to 1.11 area.
A short position targeting below 1.11 mark can initiated if the pair cross below 1.1135 today’s low, with a stop loss order at 1.1252. In the case EURUSD breaks below 1.11 the downward move will accelerate down to 1.1026 yearly low and then at 1.0950.Don’t miss a beat! Follow us on Telegram and Twitter.