17 May 2019 : Investors who were looking for a quick opportunity to push the Euro higher were given the thumbs up yesterday following reports that President Trump could delay auto tariffs by six months.

However, the Euro’s upside gains are limited with prices trading around the 1.12 level against the Dollar as of writing. Even though the first estimates on the Eurozone and Germany’s Q1 GDP prints met market expectations, the continent’s growth outlook is expected to remain challenged by external factors in the form of trade tensions.

With the outlook for the Euro fundamentally bearish amid growth concerns and the European Central Bank (ECB) adopting a cautious stance, the EURUSD is positioned for further downside. A solid weekly close below the 1.120 level is likely to signal a move towards 1.113 and 1.100, respectively.

Source: Lukman Otunuga, FXTM Research Analyst

Reporting for EasyKobo on Friday , 17 May 2019 in Lagos, Nigeria