EUR/USD Forecast - April 7th, 2021

Trading | 6 months ago

EUR/USD Forecast - April 7th, 2021 - tradeglobalmarket

The dollar index which is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies like EUR, JPY and GBP etc is falling from last two days. The US government bond yields also fell sharply. Whenever the value of US dollar decreases, the value of other currencies like EUR increases. As a result, the EUR/USD hits 1.1873 on Tuesday, its highest in two weeks.

EURUSD - Day Forecast

On Tuesday, EUR/USD rose by 0.54%. This week there is no reporting of significant macro-economic data from USA and the US Treasury bond yields is also impacting the U.S. dollar performance negatively against the EUR. The 10-year US Treasury bond yield value is currently losing 2.7%. The EUR/USD has already showed the early stages of the corrective rebound in its price on Monday and Tuesday.

The European Union just released the April Sentix Investor Confidence Benchmark which is much better than expected. Institutional investors and financial experts are more confident about the economic recovery over the next six months in the Europe. The EUR has the potential to strengthen further in the short term against the US dollar.

The European Central Bank is expecting a GDP growth of 1.7% In the second quarter. The EUR/USD pair currently trading at 1.1874 which is also an important resistance level. The short-term technical outlook indicates the bullishness at this price level. The momentum continues to maintain its bullish slope in the EUR/USD pair. So, on the basis of technical analysis, one must look for short-term buying opportunities in EUR/USD.


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