EUR/USD Forecast: Range-trading to prevail ahead of first-tier events

EUR/USD Current price: 1.0712 German inflation rose by less than anticipated in April, according to preliminary estimates. Market participants await US employment-related data and the Federal Reserve’s decision. EUR/USD lacks apparent directional strength, bullish potential limited. The US Dollar gapped higher at the weekly opening but quickly changed course amid a better market mood. Asian stock markets posted substantial gains, helping EUR/USD advance.

Near-term, Germany released the preliminary estimate of the April Harmonized Index of Consumer Prices , which rose 2.2% YoY and 0.5% MoM, below the market expectations but higher than in March. Also, the Eurozone published April Consumer Confidence, which remained unchanged at -14.7. The American session will bring little of interest, as the US will only release the April Dallas Fed Manufacturing Business Index.

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