Forex Focus
The EURUSD pair was little changed today as the market reflected on the new order after the disastrous jobs report released on Friday. The report showed that more than 700k Americans were laid-off in March. Previously, we had received news that more than 6 million Americans had filed for unemployment returns in the previous week.
Today, we received news that German factory orders dropped by 1.4% in February, before the current Coronavirus pandemic. This was lower than the January’s orders, which rose by 4.8%. In the same month, real orders in manufacturing were relatively higher than in the previous month. The real data usually excludes large orders.
The increase in these orders was partly because many German started to stockpile as the rises of a lockdown intensified. In fact, orders from Germany rose by 1.7% while those from abroad declined by 3.6%. Another number to prove this was that orders received by manufacturers for immediate goods was 0.9% higher than the previous month.
Still, investors are calm that calm is returning as the number of Coronavirus cases in several European countries start to fall. Looking at the economic calendar, there will be no major economic data from the region today.
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The EURUSD pair was little moved today as the market reacted to the US jobs numbers and German factory orders. The pair is trading at 1.0810, which is slightly above the Friday’s low of 1.0770. On the hourly chart, we see that the price is slightly below the 38.2% Fibonacci Retracement level. The pair is also along the fourth phase of the Elliot Wave. This means that there are chances that the pair will continue with the previous