The Sentiment is Bearish for the EUR

The Sentiment is Bearish for the EUR

The US Consumer sentiment will shake the market today. We are back with more news for you to enjoy!

The most important news of the day

  • The US PPI is below expectations, meaning that inflation is decreasing from both
  • consumers' and producers' sides.
  • US unemployment claims are above expectations (264K vs. 245K). The labor market slowly started to feel worse, which is what the Fed wanted.
  • The UK GDP decreased by 0.3% in April vs. the expectations of a 0% change. The recession in Great Britain speeds up.
  • Inflation expectations in New Zealand are lowering to 2.79% from 3.3% in the previous quarter.
  • The BoJ Governor Ueda said, “If the price target is met sustainably and stably, then BoJ will shrink its balance sheet and end the yield curve control (YCC).
  • The crypto downtrend is speeding up. Bitcoin had seven red days in a row, losing more than 12%.

EURUSD is too close to the support

EURUSD reached the lower border of the sideways movement. The level of 1.0900 is critical for bulls to defend. As we see, the pair collected extra liquidity below the recent lows and may aim for a pullback.

Therefore, we suggest looking for a long opportunity with the closest target at the 200-period MA. However, the 1.0900 support line breakout would mean EURUSD is about to perform another downtrend wave. It may drive the pair to 1.08290.




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