- Bundesbank sees German economic growth remaining weak in Q1.
- US Dollar Index looks to close flat above 99.
- ZEW Survey's Economic Sentiment for eurozone is expected to improve in February.
After posting its lowest weekly close since April of 2017 at 1.0832 last Friday, the EUR/USD is having a difficult time staging a meaningful recovery on Monday as the thin trading conditions force the pair to remain stuck in a tight 20-pip range. As of writing, the pair was up 0.09% on a daily basis at 1.0840.
Earlier in the day, Germany's central bank, Bundesbank, in its monthly report said the economic growth in Germany was expected to remain weak in the first quarter of 2020 amid weak exports and the coronavirus outbreak in China. Nevertheless, these remarks failed to trigger a market reaction.
Focus shifts to ZEW Survey
On Tuesday, the ZEW Survey for Germany and the eurozone will be looked upon for fresh catalysts. Analysts see the Economic Sentiment for the eurozone to improve to 30 in February from 25.6 in January but expect the same reading in Germany to drop to 20.4 from 26.7. An upbeat reading from Germany could help the shared currency start recovering its losses against the buck.
In the meantime, the US Dollar Index is staying flat on the day near 99.10 in the absence of significant macroeconomic drivers. The US financial markets are closed in observance of Presidents' Day and the index is likely to end the day unchanged or little changed.
The Federal Reserve Bank of New York's Empire State Manufacturing Survey will be the only significant data featured in the US economic docket on Tuesday.
Technical levels to watch for
|Today last price||1.0837|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00|
|Today daily open||1.0837|
|Previous Daily High||1.0861|
|Previous Daily Low||1.0827|
|Previous Weekly High||1.0958|
|Previous Weekly Low||1.0827|
|Previous Monthly High||1.1225|
|Previous Monthly Low||1.0992|
|Daily Fibonacci 38.2%||1.084|
|Daily Fibonacci 61.8%||1.0848|
|Daily Pivot Point S1||1.0823|
|Daily Pivot Point S2||1.0808|
|Daily Pivot Point S3||1.0789|
|Daily Pivot Point R1||1.0857|
|Daily Pivot Point R2||1.0876|
|Daily Pivot Point R3||1.0891|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.