EUR/USD – Can it break higher? (video)

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EUR steady as Germany joins UK in negative growth territory

It’s been an interesting morning on the data side in Europe, where Germany joined the UK in the second quarter in recording negative growth. While the UK could argue its contraction is a temporary effect of first quarter stockpiling ahead of the initial Brexit deadline, Germany is arguably more concerning and reflects a broader slowdown as the world around it slows and trade takes a hit. That doesn’t give us much hope that the country will bounce back in the third quarter, as you’d expect with the UK, although that doesn’t seem to be knocking the euro which had already priced it in.

OANDA Senior Market Analyst Craig Erlam discusses all of this and gives his analysis on the EURUSD chart in the video below.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years’ experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.

Craig Erlam

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