EUR/USD Daily Fundamental Forecast – March 23, 2017

The EURUSD bulls continue to fight a battle in the 1.0800 region as they try and reach 1.0850 which would give confidence to the other buyers and would help the bulls in pushing the pair even higher towards 1.10. We had been mentioning in our forecasts over the last few days that EURUSD reaching 1.0800 region was a given but what is going to be a challenge for the bulls is that they have to push through the 1.0800-0830 region and ensure that they dont lose the momentum and fall back into range.

Euro Bulls Waiting for the Right Moment

What should encourage the bulls so far, in this move, is that it looks much more meaningful and even after a couple of days in this range, the prices have not fallen back and the pair continues to trade near the highs of this range making this move an ominous one for the bulls. They are likely to keep pushing against this region as the Eurozone gets bathed in positivity and as this keeps continuing, we are likely to see the bulls put more and more pressure in this region and it would be interesting to see if it cracks.

Yesterday, we did not have much economic news around and the headlines late in the day was dominated by the attack in London but the markets generally chose to shrug off that news and continue on its ways and thats the reason why we see the EURUSD pair continue to trade just below 1.0800 as of this writing which is largely a measure of the strength in the euro.

Looking ahead to today, we do not have any major news from the Eurozone but we have the unemployment claims data and we also have the Fed Chief Yellen speaking where she might throw in a few surprises. But what should keep the markets interested is the voting on the repeal of Obamacare. If that fails, it could be a large setback for Trump and also for the dollar and this is the event that the market would be watching very closely. If this happens, we could see the EURUSD finally able to push through 1.0850.