EUR/USD Daily Price Forecast – The Euro Bears Remain Under Control Ahead of Pessimistic US Home Sales DataThe Euro pair may find some upward space on the back of downbeat expected US data and crude upsurge. Investors look forward to April 23 as the UK parliament will reopen after the Easter Recess.
Since Friday, the EUR/USD continues to oscillate in the narrow trade range of 1.1237/52 levels. The pair had last shown some noticeable movements on the Thursday trading session. On that day, the euro pair slipped onto its two-week lows on the backdrop of the rising greenback. The fall got bestowed with influential US Retail Sales figures pushing the US Dollar Index higher.
Meanwhile, the plunge in the EUR/USD had then worsened amid release of poor German & Eurozone PMI figures. The pair currently seems to stay still hold the hangover of the detrimental Thursday.
The greenback computed against the six rivals was trading near the month-high of 97.50 levels. The crude also was taking around its top levels in the morning session creating more woes.
On the Brexit side, things remain risk-averse amid some negative news revealed during the weekends. Rumors continue to revolve around resignation of the UK PM Theresa May. Anyhow, investors anticipate until the UK Parliament will restart and consider matters officially from April 23.
EUR/USD Significant Events
On the release front, there are no significant euro events lined up for the day on account of Easter Monday. However, some US events are showing up later today.
The Federal Reserve Bank of Chicago will publish the March economic activity index – the Chicago Fed National Activity Index (CFNAI). This index gives an overview of the activities performed during the period and the relative inflation-adjusted impact. CFNAI had recorded a negative 0.29 points in the previous month.
The National Association of Realtors will provide an estimate of the March MoM existing Home Sales. Housing data is crucial as it alludes a profound material impact on the overall market sentiment. The street analysts, however, stay quite bearish on the upcoming numbers. They expect the numbers to come around 210K lower than the prior 5.51 million.
If the Home Sales data falls beyond 210K, then chances of a small upliftment in the EUR/USD increases.
EUR/USD Technical Analysis
In the near term, the bears seemed to remain under control as the 21-day SMA move coinciding with the pair. On a longer scale, there stays a robust bearish stance for the pair. The significant 100-days and 200-days SMA stood above the EUR/USD making the bears firmer.
There is a robust resistance line of 1.1324 levels awaiting the pair. On the flip side, next support stays near 1.1212 levels.