EURUSD gets a bid off better data.
Updated
Germany's trade surplus widened to EUR 21.5 billion in October 2019 from EUR 18.7 billion in the same month of the previous year.
The ZEW Indicator of Economic Sentiment for Germany jumped 20.7 points from a month earlier to -2.1 in November 2019, the highest since May and easily beating market expectations of -13.
Euro is currently enjoying the rise in economic data out of Germany.
However, sentiment across the board is for a weaker Euro Area with permanent monetary operations ongoing since September. Low inflation and zero interest rates.
The ZEW Indicator of Economic Sentiment for Germany jumped 20.7 points from a month earlier to -2.1 in November 2019, the highest since May and easily beating market expectations of -13.
Euro is currently enjoying the rise in economic data out of Germany.
However, sentiment across the board is for a weaker Euro Area with permanent monetary operations ongoing since September. Low inflation and zero interest rates.
Note
Today's #EURUSD plan is to sell the news. ZEW just came out of Germany and was a good number. ZEW Economic Sentiment Index in Germany increased to 10.70 in December from -2.10 in November of 2019.
However, I don't think this data point is enough to undo the QE Forever monetary policy that is currently held by the #ECB and neither is it enough to help the #euro against the current backdrop of low-interest rates, low inflation, and low Euro Area productivity.
From a technical standpoint - yesterday's trade plan didn't work out as I wanted - still made a good few pips trading in and out and the overall idea remains. However, the inside day, followed by the fake-out driven by the news today, is too good an opportunity not to take. The ZEW may have suckered some traders in, but not me. To find out what else I am trading head over to forexvox.com and join our free chat room.
#forexanalysis #tradingstrategy #usdollar #technicalanalysis #forexlife #tradingforex #forextrading #usd
Note
After US CPI came out better than expected but not as much as last monthThe euro settled into a 40 pip trading range
Trade closed: stop reached
Original idea had it's stop hit.The FOMC was more dovish than expected - which gave the EURUSD a boost higher.
The ECB was then more dovish + Donald Trump brought some USD bullishness with some trade tweets - stating that a deal could be done to avert the tariffs on the 15th Dec.
The intraday trading ranges worked out and if anything were a little conservative
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