EUR/USD Forecast: Dollar resumes advance, 1.0470 on the table.

 EUR/USD Current Price: 1.0554

German Factory Orders plummeted in March, down 4.7% MoM.US Q1 Unit Labor Costs soared 11.6%, putting more pressure on inflation.

EUR/USD trimmed most of its post-Fed gains and is poised to fall below 1.0500.

The EUR/USD pair peaked at 1.0641 during the Asian session, as the greenback extended its post-Fed decline. The greenback began grinding higher afterwards, helped by the poor performance of Asian equities. The dollar advanced further mid-European session, helped by the Bank of England monetary policy decision, which sent GBP nosediving. The EUR/USD pair fell to an intraday low of 1.0545 before bouncing some, now trading a handful of pips above the level.

Asian shares posted modest losses, but European indexes managed to hold in the green. Wall Street is set to open marginally lower after Wednesday’s impressive gains. US Treasury yields, in the meantime, remain subdued, with the 10-year Treasury note yielding 2.93%.

News coming from Europe were mixed. Germany announced it had signed contracts to charter floating liquid natural gas terminals to replace Russian provisions. However, the EU has not yet reached a consensus on a Russian oil import embargo.

EUR/USD short-term technical outlook

The EUR/USD pair is down, and the daily chart hints at further slides. Technical indicators have resumed their declines within negative levels after correcting extreme oversold conditions, reflecting selling interest willingness to add at higher levels. In the mentioned time frame, moving averages maintain their firmly bearish slopes well above the current level, with the 20 SMA currently in the 1.0710 price zone.

The 4-hour chart shows that the pair is finding support around a flat 20 SMA, while the longer moving averages keep heading south above the current level. Also, technical indicators have turned sharply lower, with the RSI already entering negative territory and the Momentum barely holding above its midline. The pair has room to retest the year’s low at 1.0470 and even fall further in the upcoming sessions, with selling interest likely to continue defending the upside in the 1.0600/40 area.

EUR/USD falls to 1.0550 area on renewed dollar strength.EUR/USD started to edge lower toward 1.0550 during the European trading hours on Thursday amid renewed dollar strength. The sharp decline witnessed in GBP/USD pair suggests that the dollar captures the outflow out of the pound on the BOE announcements.


Gold climbs above $1,900 despite renewed dollar strength.Gold preserves its bullish momentum and trades at a fresh six-day high above $1,900 on Thursday. Although the US Dollar Index continues to push higher, the modest retreat witnessed in the benchmark 10-year US T-bond yield supports XAU/USD.

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Luxury fashion brand Gucci to accept Bitcoin, Ethereum, Litecoin and Shiba Inu as payment

Luxury fashion brand Gucci to accept Bitcoin, Ethereum, Litecoin and Shiba Inu as payment

In a pro-crypto move, high-end Italian fashion brand Gucci has revealed plans to accept payment in ten cryptocurrencies and five stablecoins. The fashion giant plans to extend its services to 111 stores in North America. 

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