Forex. EURUSD trading forecast for today, April 15
The EUR is steadily rising against the US Dollar. On Wednesday, the quotes reached the resistance of 1.1980 in the absence of important macroeconomic publications.
The Euro continues to move up and is already trading at a critical distance from the resistance zone of 1.1990. The recovery from the lows since the beginning of the year in the area of 1.1700 remains stable. The recent break above the 200-day moving average at 1.1895 has given further momentum to the rally and set the stage for further gains in the short term. In the area of 1.1990, the mid-March peaks, the 50-day moving average and the Fibonacci level converge. Exceeding this point will allow the quotes to continue moving above the key resistance of 1.2000.
The president of the European Central Bank, Christine Lagarde, said that the US budget response will increase economic growth in Europe by 0.3% in the medium term. The US impact on EU inflation will be 0.15%. Lagarde also noted that countries with a larger tourism sector will probably need more time to recover. Inflation in the Euro zone has strengthened slightly due to serious cash injections and tax cuts in Germany. At the same time, real consumer price growth is still not stable enough, so the single currency remains an outsider against the dollar in the short term.
EUR/USD Trading Signal
The forecast expects further strengthening of the Euro/Dollar to the resistance of 1.2000, after which a reversal and a decline in quotations to 1.1930 is expected.