Forex forecast

EUR/USD Current Price: 1.1385

04.04.2016 17:16:44

The EUR/USD pair trades uneventfully around 1.1370/80, having seen little activity so far this Monday. So far, data coming from the EU has been pretty discouraging, given that the Sentix Investor confidence index for April, showed a tepid growth, up to 5.7 from previous 5.5, below market's expectations of 6.4. The Producer Price index for the region plummeted further into the red on February, down by 0.7% monthly basis, and leaving the annual reading at -4.2%. Nevertheless, the dollar remains under pressure across the board, as local share markets recovered some of the ground lost last Friday. Technically, the 1 hour chart shows that the price is advancing towards its 20 SMA, while the technical indicators head higher towards their mid-lines, still unable to confirm an upward continuation. In the 4 hours chart, the price is holding above its 20 SMA, whilst the technical indicators lack directional strength within bullish territory, suggesting some additional gains beyond 1.1410 are required before confirming an upward continuation.

Support levels: 1.1360 1.1320 1.1280 

Resistance levels: 1.1410 1.1460 1.1500