EUR/USD Daily Price Forecast- The Euro Pair Gets Underway Recovery
During the Asian trading session, the EUR/USD appeared slightly rebounding from the previous day’s massive losses. The pair had reached last day near the lowest of 1.1227 levels amid weak Eurozone PMI figures and substantial US Retail numbers. However, the down-fallen euro pair was trading 22 pips above the last day’s low, easing further selling pressure.
As today is Good Friday, most of the operating business firms and other institutions maintain a holiday on that account. Despite that, we have a couple of euro events lined up for the day which may have a significant impact on the pair’s movements. Hence, the EUR/USD investors must keep a closer watch on these events.
On the USD Index front, the morning trading pattern containing fewer candlesticks revealed strong disinterest among the greenback traders. The US Dollar Index that computes the greenback against the six major rivals was 0.72 percent down today’s opening.
Key EUR/USD Influential Events
8:00 GMT
The Istituto Nazionale di statistical will broadcast following April events for Italy:
Business Confidence: The report will provide an idea about Italian businesses. The consensus estimates a smaller decrease in the numbers. They expect the stats to reach around 100.7 points than previous 100.8 points.
Consumer Confidence: A positivity in the figures will strengthen the Euro. The Street experts are in-line with the previous numbers with 111.2 points.
12:30 GMT
The U.S. Census Bureau will publish the March MoM Building Permits and Housing Starts figures. The higher Permits will crop up the USD while a rise in the new single-family homes will remain bullish. The analyst expects 41.9 percent hike in Building Permits while 21.0 percent decrease in the Housing Starts.
Technical Analysis
The EUR/USD bounced off touching the strong previous resistance line of 1.1229 levels. Earlier the day, the pair was drifting coinciding with the lower boundaries of the Bollinger Bands (BB) as a part of last day’s downward rally. From there, the pair made a U-turn crossing the center line of the BB was moving to its upper region. This action develops signs for a slow recovery of the prior losses incurred. Nevertheless, the significant 100-days SMA and 200-days SMA stood above the EUR/USD showing leftover sustained downtrend effect.
This article was originally posted on FX Empire
