EUR/USD Daily Price Forecast – The Euro Pair Taking Rounds Near its 15-Months Low
The EUR/USD was trading near the more in-depth section of the graph near 1.1150 levels in the morning session. The pair was dragged down over strengthening of the greenback and weak German reports.
The Euro pair had showcased a seesaw performance since the last day’s NA session. The pair kept fluctuating and remaining within the range of 1.1144/61 levels.
In the Eurozone area, the businesses remain closed today on account of Liberation Day. Hence, it is a lighter head on the economic event side for the day.
On the backdrop of plunging EUR/USD, the US Dollar Index skyrocketed shattering even the 98 levels. Yesterday the index had reached the apex near 98.20 levels. The greenback (50% EUR/USD) was trading near 98.05 levels at 04:27 GMT.
The EUR/USD may see an upside on Friday post-release of bearish-expected US Q1’19 GDP numbers. However, Upbeat US-Sino Trade progress may keep the green money higher, pushing down the Euro pair.
EUR/USD Significant Events
There are no significant events from the Euro side for the day.
US events
12:30 GMT
The US Census Bureau will publish the US Nondefense Capital Goods Orders excluding the Aircrafts. The consensus estimates are bullish on their numbers to come optimistic this time. They expect 0.1 percent to the prior negative 0.1 percent.
12:30 GMT
The US Census Bureau will broadcast the following March indexes:
Durable Goods Orders: The analysts expect a 2.4 percent rise in the previous numbers to come near positive 0.8 percent
Durable Goods Orders excluding Defence: The Street experts anticipate the numbers to go around 0.1 percent to prior negative 1.9 percent
Durable Goods Orders excluding Transportation: The consensus estimates remain bullish this time. They expect the Orders to reach near 0.2 percent
12:30 GMT
The US Department of Labor will publish the following April reports:
Continuing Jobless Claims: The expected previous Claim stood at 1.653 million over these the market expert remain bullish in expectations. They anticipate the figures to come around 1.699 million this time
Initial Jobless Claims: The Street experts expect the numbers to rise with 8K
Technical Analysis
The EUR/USD was trading at its 15-months low level near 1.1155 levels. The Significant 200-days SMA and 100-days SMA stood firm above the Euro pair, developing a robust bullish stance. The pair was trading along the lower boundary of the Bollinger Bands confirming a downtrend. Ahead, there remain the old healthy support line of 1.1139 levels last touched on 20 June 2018. On the other hand, 1.1204 sound resistance levels await the Euro pair.
This article was originally posted on FX Empire
