08 May 2019 : EURUSD hovered around the 1.12 level, after the European Commission lowered the EU’s growth forecasts for 2019, with Germany’s growth projections reduced by more than half, down to 0.5 percent for the year. The Eurozone continues to be a soft patch among major economies, contributing to the moderating path for global growth.

Such a lacklustre trajectory is only going to put a lid on the Euro, with the outlook further clouded by trade tensions between major economies that have already adversely impacted Europe’s manufacturing sector. Euro bulls have a tremendously difficult task of making their case amid such fragile economic conditions, as the EURUSD’s bearish channel looks set to lead the currency pair towards the 1.11 support level.

Source: Lukman Otunuga, FXTM Research Analyst

Reporting for EasyKobo on Wednesday , 08 May 2019 in Lagos, Nigeria