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Main » 2020 » February » 7 » Fundamental analysis and forecast of EUR / USD 07.02.2020: EUR / USD declines after publication and weak data on industrial production
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Fundamental analysis and forecast of EUR / USD 07.02.2020: EUR / USD declines after publication and weak data on industrial production

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The EUR / USD maintains the downward motion vector on a stronger dollar and the publication of weak statistical data from Germany.

 Yesterday, investors were upset about the statistics of industrial orders in Germany in December. The volume of orders decreased by 2.1%. Today investors upset data on industrial production for December. Production volume suddenly decreased by 3.5%, while the forecast of -0.2%. This is the strongest decline since March 2009. The data suggest that there are significant problems in the industrial sector, the largest economy of the Old World.  

 

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The market's reaction to the statistics from Germany was quite restrained. Most investors took a wait before the publication of Non-Farm Payrolls. Experts predict growth in the main indicators compared with the previous month. If these expectations are justified pressure on the EUR / USD pair will skyrocket.

 

 

still on the EURUSD chart no reversal signals. It continues to develop the bearish trend. It is likely that today it is possible to expect reduction of quotations to 1.0945.

 

Resistance Levels EURUSD: 1.0990, 1.1020, 1.1055.

EURUSD support levels: 1.0945, 1.0890, 1.0850.

The main scenario - EURUSD decline to 1.0945.

Alternative - the breakdown level of 1.0990 and rising EURUSD to 1.1055.

 

Fundamental background - moderately negative. Staying out of the market since publication of Non-Farm Payrolls can cause severe fluctuations in the market

 

Analytics and forecast the euro dollar today  FORTFS

 

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