EUR/USD Daily Price Forecast – The Greenback Bulls may Overtake the Euro Bulls

The EUR/USD pair had remained wholly consolidated near the 1.1200 levels during the week. The pair failed to move up beyond the robust 1.1220 resistance levels. However, yesterday’s economic data allowed the EUR/USD pair to breach the resistance level and mark a fresh weekly high near 1.1250 levels. The upliftment got bestowed after the Greenback fell last day over lower-than-expected US PPI figures.

The Fiber started the Friday near 1.1219 levels. The overall theme remained positive for the pair in the Asian session amid US-Sino trade hopes. Latest reports over trade talks suggest that Trump will have a conversation with the Chinese Officials soon. Even the Chinese counterpart urges for a quicker settlement, instead of an extended cold war. Notably, the trade concerns which got initiated years back have had significantly impacted various global business sentiments. The EUR/USD pair had touched a new day’s high near 1.1235 levels in the morning hours.

On the USD side, the Greenback investors stay bullish on the upcoming April CPI figures. After falling flat on face last day from 97.65 levels to 97.25 levels, the index recovered 50% today. The US Dollar Index may go further north later the day on the back of positive expected April CPI data.

EUR/USD Significant Events

A few moments ago, the German March Trade data got released. The German Trade Balance reported near €22.7 Billion over the estimates of €18.2 Billion. This result surprised the investors as they had expected a €0.5 Billion decline this time to the prior €18.7 Billion. Also, the German March Export MoM figures reports showed positive 1.5% over the market expectation of negative 0.3%. Anyhow, the Fiber remained kind of apathetic to these astounding trade results. It seems as if the information had already got discounted in the earlier sessions.

France March monthly Industrial data will get published around 06:45 GMT and the street analysts set a bearish stance on these figures. The market also expects a downside for Italy (MoM and YoY) Industrial data.

ECB’s Sabine Lautenschläger will put forth his economic outlook for the EMU region, later today. Traders stay curious and keep a closer watch over his upcoming opinion.

Technical Analysis

1-Hour Chart

The EUR/USD pair stood above all the significant Simple Moving Averages (SMA), alluding a bullish outlook. In the near term, the 50-days SMA had remained ahead of 100-days and 200-days SMA. This action refers an uptrend for the EUR/USD pair in the near term. Meanwhile, the Central Line of Bollinger Bands appeared below the pair and Bands looked broader. Hence a bullish stance sustains over EUR/USD pair.

4-Hour Chart

TheEUR/USD pair hovered in the upper vicinity of the Keltner Channel (KC). The pair may remain in the resistance level near 1.1256 and support line near 1.1162 levels. The Relative Strength Index maintains a bullish outlook. The RSI level was hovering near 59 levels. This index pertains to have heavy buying in the upcoming session.