The EUR/USD pair trades near its daily low in what has started as a very quiet day, with practically no data released over Asian hours. Commodities bleeding stalled, but gold and oil keep trading near the lows set late Wednesday, while European equities opened with a soft tone. So far, in the London session, Germany has released it GFK confidence survey, showing that optimism has decreased among consumers, as the index forecast 9.4 points for April, down for 9.5 points in March.
The US session will bring more FED's jawboning with Bullard scheduled to speak, alongside with Durable Goods Orders, the Services PMI, and weekly unemployment claims. In spite Friday most markets will be down on holidays, the US will release its first revision of the Q4 2015 GDP data, which may be ignored until next week, when markets will open in full mode.
View the Live chart of the EUR/USD
In the meantime, the EUR/USD technical picture shows that the price is still inside a daily descendant channel, with technical readings pointing for a continued decline, although the lack of momentum may imply some choppy movements ahead of US data.
The immediate support now comes at 1.1120, and if it get's broken, the price can quickly go down to the 1.1080 region, en route to 1.1045. At this point, only a recovery above 1.1200 will open doors for a recovery up to the 1.1250 region, something quite unlikely for today.
Latest updates on the EUR/USD Forecast
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