© Reuters. The Euro fall in the face of several factors driving down
Investing.com – After a phase of uncertainty, the vendors seem to take hold on the pair EUR/USD this Thursday.
The Euro-Dollar has in fact marked a low of 1.1205 this afternoon, reversing the increase posted yesterday in the face of the service PMI ahead of expectations in Europe.
Several factors have indeed affected the EUR/USD today, starting with the rebound in the Dollar, in part due to registration weekly U.S. unemployment better than expected, 202k against 216k anticipated, is the most low-volume weekly entries in unemployment since 1969.
The concern surrounding the Brexit, which weighs heavily on the GBP/USD is also a factor that has weighed on the Euro today.
The news in Europe has not been particularly favourable, with as of this morning orders to the German industry especially disappointing at -4.2% for the month of February, against +0.3% forecast, their sharpest decline since march of 2017.
It has also been able to learn via Bloomberg that Italy would probably lower its growth forecast 2019 from 1% to 0.1%, shortly after it was made aware of a new forecast of the main economic institutes in Germany, which do not provide more than a growth of 0.8% in germany in 2019, compared with 1.9% previously.
The reasons to see the pair EUR/USD to weaken are so numerous, and the fall could continue in the short term, in view of the next support potential to 1.12, 1.1185, and 1.1175, the lowest annual 2019.
In the case of rebound, the moving average 100 hours at 1.1222 and the moving average 200 hours to 1.1245 will be first resistance to consider.
Finally, it will be recalled that the US president Donald Trump will meet with the deputy prime minister chinese Liu He this evening, at 22.30, an event to be monitored closely, with the press referring to the possible announcement of a top Trump-XI, which would mean that the first two world economic powers have reached a trade agreement.