EUR/USD Forex Signal Today 15/04: Pullback Possible (Chart)

(MENAFN- Daily Forex) Bearish view

• Sell the EUR/USD pair and set a take-profit at 1.1210.
• Add a stop-loss at 1.1450.
• Timeline: 1-2 days.

Bullish view

• Buy the EUR/USD and set a take-profit at 1.1450.
• Add a stop-loss at 1.1210.

The EUR/USD exchange rate continued soaring this week as the trade jitters escalated, pushing investors away from the US dollar. It initially rose to a high of 1.1468, its highest swing since November 2021. It has soared by almost 12% from its lowest point this year, as focus shifted to the ECB decision interest rate decision ahead

The EUR/USD pair continued its strong rally as the US dollar index remained below $100. The greenback has fallen as investors shifted away from the greenback following Donald Trump's unilateral tariffs on all countries.

While he has scaled back some of his tariffs, total levies on all goods to the US remains significantly high. All goods brought to the country will be tariffed at a minimum of 10%, with automobiles, steel, and aluminium receiving a 25% levy.

China, one of the top US trading partners, has received a 145%, a move that will affect trade between the two biggest economies in the world.

The US has also levied a 10% tariff on most goods coming from the Europe, hurting trade between two of the biggest trading partners.

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The next key catalyst for the EUR/USD exchange rate will be Wednesday's inflation report. Economists expect the data to revealed that the headline consumer inflation fell from 2.3% in February to 2.2% in March. Core inflation fell is expected to be 2.4%, down from the previous 2.6%, a figure that will continue if the euro surge accelerates.

These numbers may help to support an interest rate cut by the European Central Bank (ECB). Economists expect the bank to cut rates by another 0.25% in the upcoming meeting on Thursday. The ECB has been cutting rates steadily in the past few meetings.

EURUSD Chart by TradingViewEUR/USD technical analysis

The EUR/USD pair has been in a strong bullish breakout in the past few months and has surged to its highest point in years. It has also moved above the key resistance point at 1.1210, its highest point in September last year. That level is along the upper side of the cup-and-handle pattern.

The momentum indicator and the directional movement index (DMI) have pointed upwards. Therefore, the pair will likely continue rising as bulls target the next key resistance point at 1.1450. However, a drop to the next support at 1.1210 will invalidate the bullish view.

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