EUR/USD Daily Price Forecast – The Fiber Bulls Remain Subdued Ahead of ECB President Draghi’s Speech

The EUR/USD pair appeared to rebound from previous losses in the Asian trading session. This recovery process had got triggered in the last day’s NA session itself. The fall in the US Dollar Index was the primary rationale behind its rise.

Meanwhile, Chinese April Trade reported positive figures over negative estimates. The EUR/USD pair appeared to benefit from this optimism around the second largest economy.

The European market sentiment remained down since last few sessions. The political turmoil prevailing in the Turkey Capital, Istanbul seemed to ruin the Fiber. On the previous day, the Turkish President called off rerunning the local elections. And, as per the election reports, the Opposition party had won. This winning marked a sharp bruise on the President’s control over his country since ages. Laterwards, the citizens protested against the decision of the government to conduct elections again. However, the low sentiment may continue to sustain until the situation gets under control.

On the other hand, the Greenback was trading lower to its peers near 97.45 levels. The US Dollar Index continued to tumble over trade concerns. Last Sunday, the US President Donald Trump had threatened to double the tariff duties on Chinese goods. The US Officials also blamed the Chinese counterparty on backtracking from agreed terms. The Global economy remains under due pressure where an excellent risk-off condition gets set in.

EUR/USD Significant Events

The economic calendar remains lighter for the Fiber on this Wednesday trading session. Anyhow, there are quite a few events lined-up for the day.

Traders await the Swiss April MoM Unemployment Rate. This time, the analysts hope the figures to come in-line with the prior 2.4 percent.

At 06:00 GMT, German March MoM Industrial Production numbers are about to come. The market set a bearish stance on the Monthly figures. They expect the numbers to roll around 1.2 percent lesser than the previous 0.7 percent.

The most awaited event is scheduled at 11:30 GMT. The ECB President, Mario Draghi, will put forth his comments over the EMU economic outlook. The EUR/USD pair may find some super movements following his speech.

Technical Analysis

The EUR/USD pair tests 1.1206 resistance levels and moves upwards to the next 1.1218 resistance levels. On the flipside, the pair may find support near 1.1169 levels and 1.1138 levels. The MACD indicated some bull signals for the pair, drifting below the center line. The Fiber was looking north in the upper part of the Bollinger Bands (BB), transferring more power to the bulls. The pair was hovering above the major SMAs alluding a strong uptrend. However, the pair may continue to remain range-bound in the upcoming sessions, getting capped at 1.1218 levels.