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Nikhil Khandelwal
Money banknotes of different countries on the table

The Euro pair displayed less/no volatility during the starting hours of the day. The pair was adhering near its 1.1170/80 levels. To be more precise, the EUR/USD pair lacked direction hovering near its weekly low levels.

Positive sentiment around the delay in the US car import tariffs seemed to have a temporary impact on the pair. Meantime, weak economic fundamentals took the chance and pushed down the Fiber to the bottom levels.

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Italian Deputy Prime Minister Matteo Salvini’s threat to break the EU Fiscal rules keep tensions intact. Salvini had mentioned that his government is all set to uplift the debt levels to 140% of the GDP. However, following such negative news, the native Bond Yields dropped significantly, pouring cold water over the Fiber.

On the USD front, things appear quite bright. The Index has managed to recover all the earlier losses incurred during the week. Sound US Housing data, Unemployment figures, and Manufacturing Survey reports bestowed the Greenback to arouse at the top 97.88 levels.

Looking forward, Eurozone April CPI figures and US May Michigan Consumer Sentiment Index line up to impact pair’s future movements.

EUR/USD Influencing Events

During the Asian session, the Eurozone CPI will come out. The consensus estimates the MoM CPI data to decrease with 0.3% over the last figures reported near 1%. And, they expect the Core CPI report to remain in-line with the previous numbers to 1.2%. Whereas the YoY CPI to report near 1.70% and the MoM CPI to remain bearish with their estimates.

Over the USD specific events, at around 14:00 GMT, Michigan will report the May Consumer Sentiments Index. The market expects this Index to increase and reach near 97.5 percent. Notably, this Index might profoundly impact the EUR/USD pair in the upcoming session. Furthermore, the few speeches from Fed’s top Executives remained scheduled today. The Fed’s Richard Clarida and the President will talk on the US economy.

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Technical Analysis

1-Hour Chart

EURUSD 60 Min 17 May 2019

The EUR/USD pair appeared to move out of the ascending triangle and confirmed a breakout near 1.1184 levels. The triangle indicated moderate selling among the investors as the breakout appeared at the downside. Today, the pair was lying below the EMA of the Bollinger Bands (BB). Performing at the lower vicinity of the BB alludes for a bear call for the pair.

4-Hours Chart

EURUSD 240 Min 17 May 2019

On the 4-Hour Chart, the EUR/USD pair stood below the 50-days, 100-days, and 200-days Simple Moving Averages (SMA). This position referred for a bearish stance of the traders of the pair. However, the 50-days SMA appeared above the 100-days SMA and indicated near term taking a bull call. The Relative Strength Index (RSI) was hovering around, 40 levels and signaled moderate buying activity.

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