EUR/USD Daily Price Forecast – The Fiber Struggles to Hold 1.1200 Levels Amid the US-Sino Trade Chaos

The EUR/USD pair continued to recede from its lowest vicinity and was found hovering near 1.1193 levels. The pair had experienced a slight upward push on the back of mixed US monthly job reports.  

The US Job reports had published an uptick in the job count during the period. Adding to this optimism, fall in the unemployment rate further elevated the Greenback. On the other hand, the tumbling Euro pair found support on lower-than-expected wage growth figures.

During the weekend, the US-Sino Trade Settlement which was heading over the smooth road found traction near a huge speed-breaker. Trump displayed his stance to impose more tariffs on Chinese goods. This global cue which had shaken the world economy revamps its role again. The EUR/USD investors stay alert on this front. The pair managed to maintain a range-bound approach until now amid US-Sino trade uncertainty.

The pair rang the opening bell near 1.1186 levels. During the Asian trading session, the EUR/USD pair got supported around the same day’s opening point.

EUR/USD Influential Events

On the release front, today there are quite a few impacting mid-volatile, Euro-specific events as well as USD-specific events.

08:00 GMT

EMU April Markit Services PMI – The Market anticipate this significant index to come around in-line with the previous 51.3 points

09:00 GMT

EMU March YoY Retail Sales – This data reveals the scenario of the consumer spending segment in the Euro region. The street analysts expect the figures to report 0.5 percent lower than the last 2.8 percent.

13:30 GMT

Fed’s Harker Speech – Fed Philadelphia President Patrick T Harker will address later the day on the global economic outlook. He will talk over the ongoing trading concerns revolving around the Greenback.

Technical Analysis

The tone remains bullish over the performance of the Fiber during the Asian trading session. The pair which traded in the lower vicinity of the Bollinger Bands (BB) now drifts near the upper part. This position signals for a sustained uptrend. The pair got rebounded from multiple resistances like the 1.1193 levels and 1.1205 levels.

The significant 200-days Simple Moving Average (SMA) crossed hands with the EMA of the BB. The EUR/USD pair was moving above the SMA computed for the near term 50-days, alluding slight uptrend. Over to the investor sentiment, the Relative Strength Index (RSI) remained consistent near 50 levels. This RSI reading displays some neutral stance from the buyer side as if they are confused at the moment.