EUR/USD Daily Price Forecast – The Euro Pair Subdued Ahead Of The German April ZEW Survey Sentiment Index

Last day, the 232 bpi fall in the German spread had provided a strong downward impetus to the EUR/USD. After rising from those lowest vicinities of 1.1294, the pair was trading near 1.1307 during the Asian session. At the moment, the pair hovers and clinches near its comfort zone of 1.1302/12 range levels.

On the global front, optimistic talks revolve around the US-Sino trade agreement. Reports suggest the trade talks end on a positive note before the last week of April.

For trading the pair on this Tuesday session, some key events need a closer watch. So, here is the EUR/USD Significant events lined up for the day:

09:00 GMT

The Zentrum für Europäische Wirtschaftsforschung (ZEW) will publish three April reports today:

• Firstly, they would broadcast Economic Sentiment for Germany (a big volatile event). The report will focus on the institutional investor sentiment, and the analysts take a bullish call, expecting 0.8 points this time.
• Secondly, they will come up with another sentiment index for the EMU. But, these EMU reports would have a relatively mediocre impact on the currency pair. The results are expected 3.1 points lower to the previous 11.1 points.
• Thirdly, another one computed for the Eurozone area. Here, the street analysts are somewhat bullish on the numbers. They expect a positive 1.2 points to come this time, to the previous negative 2.5 points.

13:15 GMT

The Board of Governors of the Federal Reserve is all set to release a mid-volatile US event. This time, the board will come up the US March MoM Industrial scores. Over these reports, the market expects an upside of 0.2 percent compared to the last 0.0 percent.

Technical Analysis

Here is the 4-hour EUR/USD chart where the pair traded above most of the significant simple moving averages (SMA) revealing some bullish future appearances. The 200-day SMA (1.1288 level) lied above the 100-day SMA (1.1255 level). That’s how the picture looks on a broader scale.

When looked into the 30-min chart, things urge more towards the neutral side in the near term. However, the euro pair had already breached the 21-day SMA and was afterward trading below the 55-day SMA.