EURUSD Forecast Navigating Supply and Demand
In our previous EUR/USD technical outlook, we discussed the possibility of the 1.0851 supply level turning into a demand level. On 10th April 2023, the price rejected this level, setting the stage for a push higher.
Chart Analysis: EUR/USD Resistance and Support
The daily EUR/USD chart shows the price reacting off the resistance zone around the 1.10422 level, with a support zone at 1.09098. If this support is invalidated, we can expect the price to test the next support at 1.07088. The 4-hour chart reveals a bearish divergence, and the 1-hour chart indicates a potential pull-back with the MACD below its zero line.
Economic News Impacting EUR/USD
The Euro will be affected by the ZEW economic sentiment and higher Euro Area inflation in the coming week. These factors, alongside hawkish ECB rhetoric, may impact the EUR/USD pair in the short term. The currency pair recently hit a yearly high of 1.1075, but a consolidation period may be needed before further upward movement.
Stay updated on the latest EUR/USD news and analysis by checking out real-time rates, interactive charts, and expert insights.
Upcoming Economic News
Keep an eye on the economic news scheduled for the week, including:
Mon, Apr 17: USD Empire State Manufacturing Index & EUR ECB President Lagarde Speaks
Tue, Apr 18: EUR German ZEW Economic Sentiment
Thu, Apr 20: USD Unemployment Claims, USD Philly Fed Manufacturing Index, USD FOMC Member Waller Speaks, and USD Existing Home Sales
Fri, Apr 21: EUR French Flash Manufacturing PMI, EUR French Flash Services PMI, EUR German Flash Manufacturing PMI, EUR German Flash Services PMI, EUR Flash Manufacturing PMI, EUR Flash Services PMI, USD Flash Manufacturing PMI, and USD Flash Services PMI
By monitoring technical analysis and upcoming news, traders can make more informed trading decisions in the EUR/USD market.
Chart Analysis: EUR/USD Resistance and Support
The daily EUR/USD chart shows the price reacting off the resistance zone around the 1.10422 level, with a support zone at 1.09098. If this support is invalidated, we can expect the price to test the next support at 1.07088. The 4-hour chart reveals a bearish divergence, and the 1-hour chart indicates a potential pull-back with the MACD below its zero line.
Economic News Impacting EUR/USD
The Euro will be affected by the ZEW economic sentiment and higher Euro Area inflation in the coming week. These factors, alongside hawkish ECB rhetoric, may impact the EUR/USD pair in the short term. The currency pair recently hit a yearly high of 1.1075, but a consolidation period may be needed before further upward movement.
Stay updated on the latest EUR/USD news and analysis by checking out real-time rates, interactive charts, and expert insights.
Upcoming Economic News
Keep an eye on the economic news scheduled for the week, including:
Mon, Apr 17: USD Empire State Manufacturing Index & EUR ECB President Lagarde Speaks
Tue, Apr 18: EUR German ZEW Economic Sentiment
Thu, Apr 20: USD Unemployment Claims, USD Philly Fed Manufacturing Index, USD FOMC Member Waller Speaks, and USD Existing Home Sales
Fri, Apr 21: EUR French Flash Manufacturing PMI, EUR French Flash Services PMI, EUR German Flash Manufacturing PMI, EUR German Flash Services PMI, EUR Flash Manufacturing PMI, EUR Flash Services PMI, USD Flash Manufacturing PMI, and USD Flash Services PMI
By monitoring technical analysis and upcoming news, traders can make more informed trading decisions in the EUR/USD market.
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