EUR/USD Daily Price Forecast – The Fiber Set on Recovery Mode Ahead of US Unemployment Figures

Yesterday, the EUR/USD pair had plunged down with 42 pips after Fed Rate & FOMC Press conference. Today, the pair rang the opening bell near 1.1200 levels and showcased some new improvements. Laterwards, the pair continued taking rounds near 1.1209 level in the Asian trading session.

Over the Events front, the fiber may get further hammered if the scheduled German PMI stalls below 50 and the Retail sales go negative.

The pair slipped down yesterday over the unchanged Fed’s Interest Rates near 2.5 percent. Following the Fed’s Chairman, Jerome Powell’s statement on the Rate Decision helped the Greenback to surge. However, there was an inverse reaction on the EUR/USD pair. The pair will need a positive catalyst to recover the recent downfall

The USD Index was trading near 97.6 levels at 02:45 GMT. The Greenback computed against the six significant rivals rose 48 pips last night. Nevertheless, there are quite a few bearish USD events lined up to beat down the index.

A few moments ago, the pair fell 6 pips after the release of a negative German March Retail Sales figures.

EUR/USD events

The EUR Specific Events

07:55 GMT

The Markit Manufacturing PMI is anticipated to remain in-line. The Manufacturing Purchasing Managers Index which provides data over the manufacturing sector as this sector holds a significant share in the total GDP of Germany.

The US Specific Events

12:30 GMT

The Jobless Claims for April 19: The data was expected to appear around 215K to the previous 230K. A decrease in the Jobless Claims indicates a bull command over the USD.

The Non-Farm Productivity (Q4): The market estimates the number to go high and reach near 2.2 percent than the previous 1.9 percent.

Technical Analysis

The EUR/USD pair was trading near 1.1206 levels at around 03:54 GMT. The 50-days SMA remained well above the pair, alluding a bearish market in the near term. However, the significant 100-days SMA & 200-days SMA stood below the EUR/USD pair signifying bullish trend over the long run. The pair was trading below the central line of the Bollinger Bands (BB) confirming a downtrend. The Relative Strength Index (RSI) remained above the 46.69 levels and displayed moderate investor interest. The pair remained sustained in the range of 1.1254 and 1.1185 levels. On the upper side, the pair may face a strong resistance near 1.1264 levels. While on the flipside, the pair may find support near 1.1119 levels.