EUR/USD Daily Price Forecast – The Pair Is Heading To Touch 1.1400 Levels

On Friday morning, EUR/USD heading to 1.1400 levels again rebounding yesterday’s massive losses. The pair underwent consolidation phase hovering near 1.1370 level in the early hours.

The downside for the pair remains at 1.1351 amidst struggling USD Index. The pair had reverted to uptrend twice in the last three days from support lines 1.1349 and 1.1350 respectively. We can expect the trend to sustain between levels in the coming trading sessions. The pair currently remains in the positive vicinity well above 1.1318 which was the opening level for this week. With this point under consideration, there is a high possibility of the pair will be ending in positive by the end day.

At the time of writing this article (07:25 GMT), EUR/USD was trading at around 1.1382.

Today, Major Reports revealed that China had imposed temporary tariff duties on products imported from the European Union (EU), Japan, South Korea, and Indonesia. This added to further weakening of the economy with rising Brexit chaos. For the EU, these events will have significant “material impact” in the coming days when the intensity around them will shoot up.

Traders have a keen eye on these key Euro influencing events scheduled during the day

ECB Speeches

Speeches by the European Central bank (ECB) Governing Council members De Guindos and Mersch will catch market attention which is lined up today at 0815 GMT and 1015 GMT respectively.

Bullish Events For The Day

At 8:30 GMT, Markit Economics will be announcing the Germany PMI for March. The Consensus takes on a bullish stand on the Index, and they believe the PMI to grow 0.84% prior to the previous 47.6.

At 9:00 GMT, The Most Significant Euro-related event will be happening. There will be the announcement of Eurozone PMI for March. Street Analysts expect an upliftment of 0.1 in the index

In-line Events For The Day

Markit Economics will be releasing the France PMI for March. The overall analyst community is expecting in-line numbers on the index.

Technical Overview

EUR/USD pair had been continuing its upward rally.  The recent two significant bounce offs suggests that the trend might able to sustain its levels by catching new highs by the end of the day.

The 50-day Simple Moving Average (SMA), 100-day SMA, and 200-day SMA are seen to remain near the last trading level of the pair. This suggests the possibility of an upshot of the pair in the near term which will be triggered by the upcoming events.