EUR/USD Daily Price Forecast – The Fiber Signalling Bullish Trend on SMA

The EUR/USD pair had made a swing high in the previous trading session on the backdrop of a plunging Greenback. Investors went unnerved over the escalating trade tensions. Overall, the sentiment remains lower. Traders seemed to shift more towards safe-haven assets like gold. Anyhow, after knocking off the top levels, the Fiber came down with China’s retaliation.

Today, the EUR/USD pair opened up near 1.1235 levels and was taking rounds near 1.1240. The sentiments seem to remain under fears as the investors await Trump’s turn. Reports suggest that the US President might now shift focus on the “automobile” imports. Any action on this front will have a massive impact on the automobile sector giant – Eurozone.

Meanwhile, the Greenback computed against the six significant rivals kept hold near 97.31 levels. On the upper side, an active resistance line near 97.38 levels awaits the index. The trade war between the Superpowers has left the market under turmoil since its inception. Last day, the Green Money had touched the bottom line near 97.03 levels amid trade tension. Even today, the US Dollar Index might experience a similar kind of volatility as things are getting more complicated.

EUR/USD Influencing Events

On the EUR events front, the German HICP YoY will be released at 06:00 GMT. The consensus estimates were in line with the previous numbers to 2.10%. The ZEW Survey will broadcast the German Economic Sentiments and the Current Situation report today. The market analysts anticipate the Sentiment Index to go bullish and come around 5.0%. While they expect the Situation report to increase with 2.0% to the prior 5.5%.

On the US events side, the Fed’s William will talk on the Monetary Policy decisions at 07:15 GMT. The Export and Import Index for April would get publish in the latter half of the day. The street analysts expect this Imports data to increase and the Export index to appear bearish.

Technical Analysis

The EUR/USD pair had remained above the support level near 1.1221 levels. At the top, the pair recorded a fresh high near 1.1257 levels, and the market is expecting the breakout of 1.1257 levels. The Fiber remains hovering in the upper vicinity of the Bollinger Bands (BB).

The pair crossed the EMA and appeared above it, signaling a bull call. The pair keeps hovering above the 50-days SMA, 100-days SMA, and 200-days SMA, implying the continuation of an uptrend. The Relative Strength Index (RSI) soaring near 55.87 levels. The RSI indicating a heavy near term EUR/USD buying.