Yahoo Finance EUR/USD Daily Price Forecast – The Euro Bears Anticipate the German April IFO Numbers
The EUR/USD got hammered twice in the last two weeks. The pair seems to remain in the same struggle mode even on Wednesday opening. Although the Euro pair started the day near 1.1221 levels, in the first six hours it slipped near 1.1210 levels.
The EMU and German Manufacturing index had already reported low numbers in the last sessions, developing a bearish sentiment. Investors will confirm the call after the German reports which will get broadcasted today. This day, hence, remains highly crucial for the EUR/USD pair.
In the Asian session, the Antipodeans lost ground amid sparse Aussie CPI reports. The Reserve Bank of Australia (RBA) published a lower-than-expected Trimmed Mean CPI reports for the first fiscal quarter of 2019.
The US Dollar Index continues to remain sustained in the upper vicinity near 97.60/70 levels. Traders seem to buy more of the robust growing green money instead of the tumbling euro pair. However, there appears an overall risk-off mood in the market.
A few moments ago, the France April Climate Index reported 101 points, 0.99 percent below the consensus estimate.
EUR/USD Impacting Events
08:00 GMT
The CESifo Group will publish the following April reports for Germany:
IFO Expectations: The report will calculate the next six months business outlook. This outlook is considered as sensitive for the currency to change. The consensus estimates a 0.5 percent hike in the IFO Expectations for this time.
Business Climate: The Street analyst remains bullish over the figures to come around 96.1 percent to the prior 95.6 percent.
Current Assessment: This time the analyst is bearish upon this report and expect 0.2 percent low reading.
08:00 GMT
The European Central Bank will publish the Economic Bulletin. It is issued fifteen days after each monetary policy meeting and provides economical & financial data. The Governing Council’s policy resolutions are following this Bulletin. The Bulletin is also crucial for the traders.
Technical Analysis
The 200-days significant SMA crossed the path and went above the 100-days SMA developing strong downtrend. However, all the 50-days SMA, 100-days SMA, and 200-days SMA stood way above the pair affirming a reluctant pullback. The EUR/USD traded within the lower channel of the Bollinger Bands (BB), revealing bear signs. Notably, the pair had even attempted to move outwards (to the south) the BB boundary. The investor sentiment remained lower as shown in the RSI near 25 levels.
This article was originally posted on FX Empire
