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EUR/USD, EUR/GBP and EUR/JPYPrices, Charts, and Analysis

  • German economy remains weak, official data shows.
  • EUR/USD uptrend in focus.

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Trading Forex News: The Strategy

German GDP fell by 0.3% in Q4 2023 compared to the third-quarter, and by 0.4% on the same quarter a year ago, data released by the Federal Statistics Office (Destatis) today confirmed.

“The German economy ended 2023 in negative territory. In the final quarter, declining investment had a dampening effect on economic activity, while consumption increased slightly,” saidRuth Brand, President of the Federal Statistical Office.

In the first three quarters, GDP largely stagnated amidst a still challenging global economic environment. For the whole year of 2023, the most recent calculations have confirmed the year-on-year decline in economic performance of 0.3% (calendar adjusted: -0.1%).

German Q4 GDP Release – Destatis

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The latest German Ifo readings were also released today with the headline business climate number in line with market expectations at 85.5, and a fraction higher than January’s reading.

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For all market-moving economic data and events, see the real-time DailyFX Economic Calendar

The Euro’s recent move higher against the US dollar has stalled today with further progress being kept in check by the 200-day simple moving average. While this technical indicator was broken yesterday, the pair closed below the longer-dated moving average. A confirmed break higher – a close and open above the 200-dsma – would see the 50-dsma and a cluster of recent highs on either side of 1.0900 come into focus. Support is seen at 1.0787 down to 1.0760.

EUR/USD Daily Chart

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The recent EUR/GBP pullback from the 0.8500 area has stalled with the 0.8580 zone proving difficult to breach. A break below the 0.8530 area could see the pair retest prior support around 0.8500again in the coming weeks.

EUR/GBP Daily Chart

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Charts Using TradingView

IG retail trader data show 72.75% of traders are net-long with the ratio of traders long to short at 2.67 to 1.The number of traders net-long is 8.32% higher than yesterday and 6.59% higher than last week, while the number of traders net-short is 18.03% lower than yesterday and 11.50% lower than last week.

To See What This Means for EUR/GBP, Download the Full Retail Sentiment Report Below




of clients are net long.




of clients are net short.

Change in Longs Shorts OI
Daily 9% -12% 2%
Weekly 9% -1% 6%

What is your view on the EURO – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.



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