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The Euro slipped below 1.08 after German factory orders plunged


Fundamental Analysis:

The Euro prints 3-day losing streak trading below 1.08 after German factory orders plunged by 15.6% in March compared with the previous month.
The US Dollar remains in high demand in this uncertain market environment.
Today, the German industrial production is likely to have suffered a sharp contraction in March, adding further pressure on the Single currency.

Technical Analysis:

The bulls attempted to break above the 200-period SMA but the bearish momentum was much more overwhelming.
Price broke below the 1.0815 support, signaling further weakness towards 1.0750 and possibly beyond.

Support: 1.0750 / 1.0650
Resistance: 1.0815 / 1.09

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-euro-slipped-below-1-08-after-german-factory-orders-plunged-eur-usd-market-outlook-07-05-2020
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