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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
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Heavy is the heart of the EURUSD bull

Forex 4 minutes to read
MO
Michael O’Neill

FX Trader, Loonieviews.net

Summary:  EURUSD bulls are not feeling the love from the European Central Bank as President Mario Draghi and company were a tad more dovish than expected.

The ECB now suggests that Eurozone rates will remain unchanged until the end of 2019 and that knocked the single currency for a loop. EURUSD is probing support at the bottom of the 1.1220-1.1540 range that has stayed unbroken since November 8, 2017. A decisive break targets further losses to 1.1090. The intraday downward pressure is intact while prices are below 1.1320, but only a move above 1.1440 would negate the bearish sentiment.

Wall Street opened lower and then extended the losses. The Dow Jones Industrial Average lost 0.88%, the S&P 500 dipped 0.76%, and the Nasdaq was down 0.94% as of 14:00 GMT. Traders ignored the modestly better than expected Jobless claims and unit labour costs data. Prices have trickled lower, in part because of a lack of fresh insight about the China/US trade talks. There are reports of “good progress being made,” but not any follow-up from officials. 

Traders are content to bide their time until the release of February nonfarm payrolls data, tomorrow. It is unlikely that the results will rival January’s 304,000 gain, but any result higher than the 180,000 forecast will keep the dollar bulls happy.

USDCAD traders are hoping for a bit of clarity about yesterday’s dovish Bank of Canada statement. Deputy Governor Lynn Kennedy delivers “A Progress Report on the Economy” around 17:45 GMT, today.
EURUSD daily chart. Source: Saxo Bank

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.

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