Forex forecast for today. EUR/USD
The euro completed a 200-point rebound to reach 1.1900 on Wednesday, the highest level since March 23. By the end of the trading session, the quotes fell back to the support of 1.1880.
The European Union has updated its assessment of the vaccination schedule and now predicts that it will be able to cover most of the population by the end of June. The slow pace of vaccination in Europe has previously put pressure on the single currency. Key US bond yields are more than ten basis points higher than their maximum values. The lull in the treasury securities market has a negative impact on the Dollar (USD). And optimism about the current and future growth of the economy reinforces the positive mood of market participants.
Indexes of business activity in the services sector in France, Germany and the Euro zone in March rose stronger than expected. Recently, strong macroeconomic data was released in the US, at the moment it seems that this gap will be narrowing. The level of 1.1900 will be a strong resistance of the Euro/Dollar pair, and its breakdown will indicate a good chance of further movement up to the level of 1.2000. Today's US labor market data may correct this trend, as the number of initial and repeated applications for unemployment benefits is expected to decrease.
In the trading forecast (signal), I assume a decline in EUR/USD to the level of 1.1800.