EUR/USD falls just below 1.0729

- Article Top Advertisement -
  • EUR/USD is trading slightly lower, but losses remain limited after the US CPI data release.
  • Market participants assess the implications of the US inflation data for the Fed’s monetary policy.
  • EUR/USD faces immediate resistance at 1.0772, while support lies at 1.0666.
  • US Retail Sales will be released on Wednesday and the ECB rate decision on Thursday.

Daily price evolution:

The pair EUR/USD It is trading under pressure around 1.0717 at press time, following the US CPI release on Tuesday. However, losses remain limited as market participants assess the implications of the inflation data for the Fed’s monetary policy. As of this writing, the EUR/USD pair has lost 0.05% on the day, with a daily high and low at 1.0748 and 1.0679, respectively.

According to Société Générale economists, if the president of BECChristine Lagardeholds a hawkish news conference and hikes rates 50 basis points on Thursday, the EUR/USD pair could break above 1.0800.

Key economic events:

- Article Inline Advertisement 1-

It is essential to closely follow the sales report US Retailers for February on Wednesday at 12:30 GMT and the statement of decision monetary politics of the ECB on Thursday at 13:15 GMT, as this is critical short-term data.

Due to the devastating bankruptcy of Silicon Valley Bank (SVB)the market anticipates that the Federal Reserve (Fed) adopts a less aggressive stance on monetary policy.

- Advertisement -

This is because the Federal Reserve (Fed) might want to prevent future rate hikes to prevent further bank collapses.

Technical perspective:

From a technical point of view, the EUR/USD pair finds immediate resistance at 1.0772, followed by the 1.0814 and 1.0879 levels. On the other hand, support is at 1.0666, followed by 1.0601 and 1.0560 levels. The daily 20 SMA stands at 1.0634, while the daily 50 SMA stands at 1.0723. The daily RSI (14) is at 54,906 with a neutral stance. The 38.2% Fibonacci retracement level of the last daily dip is at 1.0708, while the 61.8% Fibonacci level is at 1.0683.


Last price today 1.0715
today’s daily change -0.0016
today’s daily variation -0.15
today’s daily opening 1.0731
daily SMA20 1.0634
daily SMA50 1.0723
daily SMA100 1.0543
daily SMA200 1.0326
previous daily high 1.0749
previous daily low 1.0642
Previous Weekly High 1.0701
previous weekly low 1.0524
Previous Monthly High 1.1033
Previous monthly minimum 1.0533
Fibonacci daily 38.2 1.0708
Fibonacci 61.8% daily 1.0683
Daily Pivot Point S1 1.0666
Daily Pivot Point S2 1.0601
Daily Pivot Point S3 1,056
Daily Pivot Point R1 1.0772
Daily Pivot Point R2 1.0814
Daily Pivot Point R3 1.0879

Source: Fx Street

- Article Bottom Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles