29.05 - EUR/USD is to be watched thoroughly today
- by Anna K.
Traders are coming back to EUR/USD after Asian data were a little bit improved and then came back to their sliding state after all. But as we know traders tend to turn their attention to the most important and popular trading assets no matter how well other assets tend to perform. And euro is a perfect example of that statement today.
Shared European currency in on a slide-down because of the expected German employment data report coming out today. The worse the coming out data are going to be, the worse it is for euro. As we know euro performance overall has been undermined by very unstable economic data from the strongest economy of the region – Germany. And now every next report is seen as a hazard to trading and to euro – no one knows what to expect from Germany.
And today is just another proof of the statement. With German data due to come out traders prefer to be very cautious about the currency. Although simple looking is not enough in this situation – it seems to be safer to sell your euro off and wait for signs of recovery to come. That is why EUR/USD chart is sliding down – both expectations and sell off are plaguing trading today.
It is not clear what German numbers are going to show us today. It is possible that we are going to see the situation much better than we expect it to be.
With so much stuff being unclear trading signals is the only thing that can make our trading easier and more understandable today.