EUR/USD Daily Price Forecast – EUR/USD Looking to Move Higher

The pair has been able to hold on to the support region around 1.15 and it now looking to move higher
Colin First

The EURUSD pair continues to trade in a slow and steady manner as the attention on the dollar and its inability to gain in strength slowly begin to become the talk of the market. The dollar has been able to make some decent gains since the beginning of the year but we have been pointing to the fact that the euro and the pound have been able to hold their ground against the dollar, of late, and this is beginning to put a lot of pressure on the dollar and lead to doubts whether the dollar would be able to get another wind.

EURO In Good Spot

The Fed has been doing its bid to talk up the dollar but even that has not been enough of late to push the dollar higher. There have been attempts to break below the 1.15 region for good, over the last few weeks but each time, it has been met with some strong buying and the pair has been able to rebound over the 1.15 region every time.

Though the bulls in the pair have not been able to push the prices much higher as well, they have not given up their ground as well which has led to some kind of a stalemate over the last few weeks.

There has been an increasing concern that the current account deficit of the US has been negative for long and this is expected to continue to be so over the medium term as this is something that cannot be changed overnight, even though the government might try their best to do so.

This is beginning to put pressure on the dollar as the borrowing costs increase and this is something that the dollar bulls would indeed be worried about in the medium term. Looking ahead to the rest of the day, we have the US retail sales data which could bring in some volatility in the pair with the bulls seeking to gain control.

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