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10 Feb 2020

EUR/USD prints longest daily losing run since November

  • EUR/USD has registered its longest daily losing streak since November. 
  • The single currency is likely to remain under pressure with virus scare continuing to dominate the market sentiment. 

EUR/USD fell for the fifth straight day on Friday, confirming its longest daily losing trend since the first half of November. 

The currency pair closed on a weaker note at 1.0944, forming a bearish marubozu candle on the daily chart. 

The greenback picked up a bid, as the US Nonfarm Payrolls data for January bettered estimates and investors poured money into the safe haven treasuries on account of coronavirus scare. 

Focus on broader market sentiment

The futures on the S&P 500 have erased losses seen in early Asia, helping the likes of the Australian dollar eke out moderate gains on the day. EUR/USD also found some love in Asia and is currently trading at 1.0952, representing marginal gains on the day.

Further gains, however, may remain elusive, as coronavirus fears remain at the top of investor worries with more than 37,000 known cases across the globe and 813 deaths. 

The virus scare could overshadow the China data released in Asia, which showed producer price index, a gauge of factory gate prices, edged up 0.1% on year in January, compared with a 0.5% decline in December. 

On the data front, Eurozone's Sentix Investor Confidence (Feb) will be released at 09:00 GMT. Across the pond, the focus will be on the Fed speak and short-term bill auctions. 

Technical levels

 

Feb 10, 2020

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