EURUSD forecast bearish after German GDP miss
Technical Analysis Summary EUR/USD: Sell
| Indicator | Value | Signal |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Sell | |
| On Balance Volume | Buy |
Chart Analysis
The EURUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is declining toward the 200-period moving average MA(200) which has leveled off. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2077. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2119. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of -
Germany’s economy shrank in Q1 more than expected. Will the EURUSD retreat resume?
Germany’s economy shrank in Q1 more than expected: the federal statistics office Destatis reported German Gross Domestic Product (GDP) fell 1.7% over quarter in Q1 after 0.3% increase in the last three months of 2020, when a decrease of 1.5% was forecast. This is bearish for EURUSD.