EUR/USD Daily Price Forecast – The Pair Was Seen To Act Range-Bound Albeit Shining USD Index

The EUR/USD pair was seen to come on the Friday morning session on the back of the stabilized US dollar index. The pair followed a range bound movement in the early hours fluctuating between the resistance level of 1.1237 and the support level of 1.1223. The pair continues to fall since March 22 after the Fed dovish outlook announcement. There remain higher hopes of the euro pair to rebounds from previous losses in the coming days with an easing Brexit, softening US-Sino trade talks and enhancing global economic growth.

At the time of writing this article (06:43 GMT), the EUR/USD was trading at 1.1233 level.

Key EUR/USD Influencing Events Lined Up For Today

Statistisches Bundesamt Deutschland will release the February Retail Sales Figures of Germany. This index will reveal the status of the retail sector in the country in the short term. A positive retail number adds to the bullish aspect of the EUR/USD. The consensus estimate -0.9 percent this month compared to the previous 3.3 percent.

By 07:45 GMT (Mid Volatile Event)

INSEE will release the March Consumer Price Index YoY numbers of France. CPI is highly significant as it is a key indicator of inflation. Street Analysts take a bearish stance on this upcoming figure and expect a 1.4 percent prior to the previous 1.6 percent.

By 08:55 GMT (Mid Volatile Event)

German Statistics Office will broadcast the German Unemployment Change number for the month of March. Unemployment figures are extremely substantial from the national economic growth perspective. The Market expects -10K for March as compared to the previous -21K.

By 13:30 GMT (High Volatile Event)

There will be another voting session conducted in the UK House of the Commons where the MPs will vote on the approval for the Withdrawal Agreement. May’s deal broadly consist of two sections: Withdrawal Agreement and The Future Relations between both the parties. EU had insisted the UK get an approval on the former part today and in return, they will levy the UK an extension until May 22. The outcome of this voting session can have a massive impact on the movement of EUR/USD post-event.

Technical Overview

The EUR/USD pair trading at its lowest vicinity following the March 22 steep slump. While considering the upside of the pair, there remain two main resistance levels one at 1.1236 level and other at 1.1259 level. On the flip side, the pair has only one support line at 1.1214 level. The Simple Moving Averages (SMA) for the major days lie above the pair’s level showing bearish stance.