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Nikhil Khandelwal

During the Asian session, the EUR/USD pair was hovering near 1.1172 levels. After yesterday’s 32 pips fall in the mid-session, the pair had continued to remain sustained near 1.1175 levels. This isolation pattern got continued into today’s morning session. The Fiber appeared bouncing back from the robust support line near 1.1172 levels.

Today the EUR/USD pair was drifting near 1.1175 following the upcoming bearish EUR specific events. The forthcoming swiss CPI and EMU PPI take a bearish call while the YoY CPI for EUR takes a bullish stance. If these data appear furthermore bearish, then the EUR/USD pair is likely to push down or make a new low.

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Post-Fed the Fiber stood bearish and was pushed down to trade in 1.11 levels. Yesterday, the pair did not gain much after the declaration of US Unemployment, Labor, and Energy reports.

However, the market sentiments on the USD events for today remains bullish. The analysts anticipate the ISM-Non manufacturing PMI and Average Earnings to stay high. The Fiber is expected to experience increased volatility in the event of surprise increase/decrease in any of the two announced numbers.

EUR/USD Significant Events

Euro Specific Events

07:30 GMT

April YoY CPI for Switzerland – The consensus stayed bearish on these indexes, expecting a 0.1 percent decrease this time.

09:00 GMT

EMU April YoY CPI (High Volatile) – The consensus stays bullish on the numbers, expecting the CPI to record near 0.2 percent higher this time.

USD Specific Events for April

12:30 GMT

US YoY Average Hourly Earnings (High Volatile) – The street analysts expect the earnings to grow 0.2 percent to the prior 3.2 percent.

US Non-farm Payrolls (High Volatile) – The Payrolls reveal about the new jobs created in a particular period. Somehow, this time, the market expects the numbers to report 11K lower than the prior 196K.

14:00 GMT

US ISM Non-manufacturing PMI (High Volatile) – The consensus estimates the PMI to report near 57 percent to the prior 56.1 percent.


Technical Analysis

1-Hour Chart

EURUSD 60 Min 03 May 2019

The Fiber develops a bearish outlook in the near period. The EUR/USD continues to remain intact in the lower vicinity of the Bollinger Bands. The investors seemed to go unnerved as the RSI was pointing below 40 levels. The 50-days SMA was approaching the pair and had already crossed the EMA. The pair remained capped under 1.1262 resistance level. On the downside, the robust 1.1117 support line awaits the Cable.

4-Hour Chart

EURUSD 240 Min 03 May 2019

The overall long-term pattern revealed a tumbling cable was moving in the lower portion of the Bollinger Bands. Meanwhile, the major Simple Moving Averages hovered above the GBP/USD pair, alluding a bearish call. The investor sentiment hammered the Relative Strength Index (RSI) making it reach near 40 levels.

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