EUR/USD Daily Price Forecast – The Euro Pair Drifting Near its 1.6-year Lowest Vicinity

After hitting the lowest point on the chart, the EUR/USD did jump a bit yesterday but remained silent today. The Euro pair remained consolidated near 1.1136 levels.

The pair started the week near 1.1246 levels, and now it has almost lost 117 pips over this period. Quite surprisingly, the EUR/USD breached the healthy 1.1185 levels yesterday. At this moment, the investors seem to go unnerved.

The situation gets worse over rising concerns on the ongoing EU-US trade disputes. And, the ECB also stay neutral/bearish over the EMU economic growth.

On the other hand, the rising USD Index marks as another significant concern for the EUR/USD pair.

There are quite fewer number of Euro-specific economic events to influence the pair during the day. However, robust US data await the pair. The bearish sentiment around the US events may uplift the fragile pair.

EUR/USD Impacting Events

EUR-specific Events

At 08:00 GMT, the head of the SNB, Thomas J. Jordan, will deliver a speech at the SNB’s Annual General Meeting. Mr. Jordan’s statements may have a significant impact on the Swiss Franc.

US-specific Events

At 12:30 GMT, the US Census Bureau will broadcast the Q1 Annualized GDP (High Volatile). The market expert remains bearish with their numbers to come around 2.1 percent.

At 12:30 GMT, the US Department of Commerce will release the following reports:

• Q1 GDP Price Index: The market remains bearish in their estimates. They anticipate a fall of 0.6 percent to the previous 1.9 percent
• Q1 QoQ Personal Consumption Expenditure Prices: The consensus estimates a decrease in the numbers and to reach near 1.3 percent
• QoQ Core Personal Consumption Q1: The analyst expects the numbers to come near 1.6 percent to the prior 1.8 percent

At 14:00 GMT, The University of Michigan will publish the Consumer Sentiments for April. The market remains bullish with their estimates. They expect a jump in the figures to around 97 percent.

Technical Analysis

The pair was trading near the 18-month low during the Asian session. The bearish sentiment continued to sustain, and the pair drifted near 1.1139 levels. The pair was trying to go to the upper region of the Bollinger Bands (BB). The BB, however, remained contracted amid low volatility. The Significant SMA stood well above the pair alluding a bear call for its future movements.