EUR/USD Daily Price Forecast – The Pair Contains Some Bearish Signals Amid Unstable Global Conditions

EUR/USD remained unchanged in the last week rebounding to 1.1250 level where it had started on April 1. The pair majorly had followed an overall bearish weekly trend.

The euro pair was 0.12 percent up during Monday’s Asian trading session on the back of tumbling USD Index. The Index had fallen steeply from 97.38 to 97.24 level during the morning hours. The main rationales to push down the US Dollar Index was the growing political controversies in the Libyan region, and the burgeoning Trump proclaimed US-Mexican border issues.

The Brexit drama continues to remain vague ahead of the nearing deadline of April 12. UK PM Theresa stays stubborn to get her thrice-rejected deal accepted or else she will opt for a lengthier extension. Speculations had arisen that the EU would grant the UK a year period to exit the consortium of nations. If the UK comes up with a proper deal benefitting both the parties, situations should mitigate.

Key EUR/USD Events Arrayed For The Day

06:00 GMT

The Statistisches Bundesamt Deutschland will publish the Trade Balance s.a. for February month. It is a balancing figure derived from total goods & services traded for Germany. The import-export balance produces variability over the Europen currency. It is positive when there is a persistent demand for German exports which tends to strengthen the currency further. The Market analysts expect a Bearish stance with the numbers to come at €17.0B over the prior €18.5B.

14:00 GMT

The US Census Bureau will broadcast the Factory Orders (MoM) for February.

The Orders represents data over the durable & non-durable goods, and the inventories It provides awareness about inflation and development in the manufacturing sector. The consensus estimates a low percentage of -0.6 points than the previous percentage of 0.1 points.

Technical Analysis

The EUR/USD was trading above the 200-day Simple Moving Average (SMA) showing slight bearish stance. The 21-day SMA, 55-day SMA, and 100-day SMA lie above the EUR/USD displaying strong downside forecast for the pair. From the Ichimoku front, the baseline and the conversion line stay above the euro pair while the cloud too remained in the upper vicinity hovering above the pair. The Ichimoku cloud reveals a bearish trend for the pair in its future movements.