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EUR/USD Daily Forecast – U.S. Dollar Starts The Week On A Strong Note

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Vladimir Zernov
·2 min read
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EUR/USD Video 05.04.21.

Euro Is Losing Ground Against U.S. Dollar

EUR/USD is currently trying to settle below the support at 1.1750 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index settled above the resistance at the 93 level and is trying to get to the test of the next resistance which is located at 93.20. In case this attempt is successful, EUR/USD will move lower.

There are no important economic reports scheduled to be released in the EU today so foreign exchange market traders will focus on the economic data from the U.S.

The final reading of Services PMI report is projected to show that Services PMI increased from 59.8 in February to 60 in March. The recent Non Farm Payrolls report was much better than expected, and it looks that employment in the services segment is recovering at a robust pace. In this light, the upcoming Services PMI report has a decent chance to exceed analyst expectations.

Traders will also have a chance to take a look at Factory Orders report for February. Analysts expect that Factory Orders declined by 0.5% month-over-month after growing by 2.6% in January.

Technical Analysis

EUR/USD settled below 1.1775 and is testing the support level at 1.1750. In case this test is successful, EUR/USD will move towards the next support which is located near the recent lows at 1.1720.

A move below the support at 1.1720 will push EUR/USD towards the next support at 1.1690. If EUR/USD gets below the support at 1.1690, it will head towards the support at 1.1660.

On the upside, EUR/USD must settle above 1.1750 to have a chance to develop upside momentum in the near term. The next resistance level for EUR/USD is located at 1.1775. If EUR/USD manages to settle above the resistance at 1.1775, it will head towards the next resistance at 1.1800. A move above this level will open the way to the test of the resistance at the 20 EMA at 1.1825.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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