17.04.201716:09 Forex Analysis & Reviews: EUR/USD Fundamental Analysis April 17, 2017

EUR/USD has shown a good amount of bullish force despite the fact that European banks are closed for a long weekend because of Easter celebration. On the USD side, today we had Empire Estate Manufacturing Index published at a decreased rate of 5.2 which was expected to be at 15.2. The negative USD news did have positive impact on the EUR today and EUR is said to follow a further bullish move in the coming days. Tomorrow we might see some volatility in this pair as US Building Permits report is going to be published along with the Housing Starts report. The Building Permits are expected to increase to 1.25M which previously were at 1.22M and Housing Starts are expected to decrease to 1.25M which previously were at 1.29M. If tomorrow the USD news comes positive, then we will be able to see some bearish moves in this pair. Otherwise, bulls will gain more strength in the coming days.

Now let us look at the pair from the technical view. The price has broken above the resistance at 1.0630 and is currently residing above it. If the price closes above 1.0630 today, we will be looking forward for some retracement towards 1.0630 to retest it as a support and then we will be looking forward to buy with a target towards the next resistance at 1.0720. On the other hand, if the price breaks below 1.0600 at a daily close, then we will change our bias to bearish with a target towards 1.0550.