In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we look at some potential euro weakness in the pipeline.
There is sentiment and an expectation that the German economy will slip into negative GDP growth for the second consecutive quarter in a row. This, of course, would be bad news for Germany and bad news for the price of the euro. As a result, we want to position ourselves accordingly to try and take advantage of any potential move.
Technically speaking, all of our euro pairs have been in a bear trend for quite some time. We are expecting continuation to the downside if we do see a negative GDP figure which is due out at 7 am UK time.
The levels to look out for are as follows:
- EURUSD below 1.0994
- EURGBP below 0.8558
- EURJPY below 119.56
Potential Euro Weakness in the Pipeline – Full Video Analysis
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