Euro seem to be in the uptrend as greenback weakens amid a return of risk-off mood ahead of the Eurozone data.

The futures linked to the US indices flipped to losses, suggesting risk-aversion.  Investors are doubtful on the prospects of the post-pandemic economic recovery and on the US President Joe Biden’s $2.25 trillion infrastructure plan.

Elsewhere, US Nonfarm Payroll report released last Friday showed a positive data ticking at 916k against the expectation of 409k and previous record of 468k which went unnoticed on Good Friday. The DJIA and the S&P reached record highs, with the three US major indexes adding over 1.0% each. Meanwhile, US Treasury yields ticked modestly lower, with that on the 10-year note at around 1.70%. On Monday, US published the February Factory Orders, which fell by 0.8%, worse than the -0.5% expected.

In the meantime, US published the March ISM Services PMI yesterday, which surged to an all-time high of 63.7, largely surpassing the 58.5 expected.

On the other hand, today the EU will publish April Sentix Investor Confidence, foreseen at 1.9 from 5 previously.

Across the Atlantic, rising cases of covid across Europe and strict restrictions in France, Germany and Italy continue to fuel the economic growth concerns among the EUR/USD traders which also questions on the ongoing uptrend of the pair.

EUR/USD 4 Hour Chart:

Support: 1.1761 (S1), 1.1708 (S2), 1.1679 (S3).

Resistance: 1.1842 (R1), 1.1872 (R2), 1.1924 (R3).

Now the attention of the investors is towards the EU sentix investors confidence which direct the EUR/USD further. As of now the Euro seem to enjoy the cautious positive sentiment and we expect a  bullish trend for EUR/USD.