EURUSD: downside risks could reemerge
EURUSD staged a robust rally yesterday and regained the 1.10 figure amid a weaker greenback across the board. The pair registered highs around 1.1040 but failed to extend the recovery on Thursday and shows early signs of a bearish correction.
German industrial new orders dropped by 2.5% month-on-month in July from 2.7% MoM in the previous month. On the year, new orders were down by 5.6%. another disappointing release from the largest European economy has dented the upside momentum in the pair as recession fears are increasing. At the same time, a buoyant risk sentiment in the global financial markets is capping the local downside pressure on the euro.
In the short term, EURUSD will hardly be able to regain a sustainable bullish momentum as traders are turning cautious ahead of a key US jobs report due on Friday. Technically, the pair needs to confirm a break above the 1.10 handle. Otherwise, the downside risks could reemerge. On the upside, the 1.1040 serves as the immediate resistance on the way to 1.1060 and 1.11.
German industrial new orders dropped by 2.5% month-on-month in July from 2.7% MoM in the previous month. On the year, new orders were down by 5.6%. another disappointing release from the largest European economy has dented the upside momentum in the pair as recession fears are increasing. At the same time, a buoyant risk sentiment in the global financial markets is capping the local downside pressure on the euro.
In the short term, EURUSD will hardly be able to regain a sustainable bullish momentum as traders are turning cautious ahead of a key US jobs report due on Friday. Technically, the pair needs to confirm a break above the 1.10 handle. Otherwise, the downside risks could reemerge. On the upside, the 1.1040 serves as the immediate resistance on the way to 1.1060 and 1.11.
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