EUR/USD Daily Price Forecast – The Pair Was Found Retracing Off 78.6% Fib Retracement Level Ahead Of ECB Meeting.

The EUR/USD saw an uplift in the opening hours on Thursday morning. The pair had reached near the last day’s upper vicinity of 1.1250 strong resistance level. It seems like the pair is still under the hangover of yesterday’s highly positive above-consensus reports. However, the euro pair plummetted later in the Asian Trading session settling near 1.1237 support levels.

At 06:00 GMT, the German February Factory Orders both YoY and MoM came out. Unfortunately, both the figures missed the street estimates. Feb German Factory Orders MoM reported -4.2 percent, far below than the market expectation of 0.3 percent. The EUR/USD reacted with a huge red candle, slipping straight from 1.1248 to 1.1234 level. These consecutive red candles had long lower shadows which depict the domination of the selling side.

Things seem to ease on global cues like the Brexit and US-Sino Trade talks. UK MPs voted for a Brexit delay motion. The US-China trade talks are in the final stage of accomplishment as per reports.

At the time of writing this article (07:18 GMT), the pair was trading at 1.1236 level.

Key EUR/USD Influencing Events Lined Up Today:

11:30 GMT

ECB will arrange the Monetary Policy Meeting today. The minutes of the meeting will focus on the new series of Targeted longer-term refinancing operations (TLTRO3) as specified in the March ECB meeting. This conference is expected to discuss further on the TLTRO3 and how it will help ease the EU economy. Analysts seem to focus less on the “negative rates of the Central Bank”, discussed as a significant topic in the last meet.

12:30 GMT

The US Department of Labor will publish the Continuing Jobless Claims and the Initial Jobless Claims indicators. Continuing Jobless Claims consider the number of people who are unemployed and receiving unemployment benefits. The Initial Jobless Claims provides data about the people who are filing first-time claims for US unemployment insurance. This indicator presents the status of the strength of the Labor Market in the US.

Market analysts estimate seen as Bullish with a lower figure of 1.750M than the previous 1.756M for Continuing claims. Whereas for Initial claims the Market analysts expect a Bearish stand with 216K against the prior 211K.

Technical Analysis

The euro pair remains capped under the firm resistance level of 1.1247. The EUR/USD retraced from the 78.6 percent Fib retracement level and then bounced back from the 1.1240 resistance level or 38.2 percent Fib retracement level. The Relative Strength Index (RSI) showed some important, revealing signs of overselling and overbuying near 03:00 GMT and 06:00 GMT respectively. The EUR/USD broke the support level near 1.1232 but failed to breach further. If the euro pair pullbacks in the future movements, then the robust support line of 1.1232 awaits it.