- EUR/USD maintains negative pressure at the start of the week.
- Euro is also weak against the pound and the Swiss franc.
- DXY rises for the third day in a row.
The EUR/USD is falling for the third day in a row and is trading at the 1.1005 area, off Thursday’s levels near 1.1200. The pair fell to 1.1000, the lowest since Tuesday and remains under pressure.
The negative bias remains intact and a break below 1.1000 seems a matter of time. If firm below, next support can be seen around 1.0970/75. To the upside, now 1.0025/30 is the immediate resistance zone.
Strong dollar, weak euro
The dollar, measured by the DXY, rises again and is at a high in almost a week at 98.85, with a daily gain of 0.30%. Treasury bond yields climb at the start of the week, with the 10-year rate at 2.40%, and the 2-year rate at 2.45%.
The euroIn addition to falling against the dollar, it also fell against the pound, reflecting some particular weakness in the common currency. EUR/GBP broke below 0.8400 for the first time since last Tuesday.
The economic calendar is light at the start of the week. The only expected US report is February Factory Orders which is expected to show a 0.5% drop. On Wednesday the minutes of the last meeting of the Federal Reserve will be known, when it raised interest rates.
This week there will be new talks between the Russians and the Ukrainians, but there are no great expectations that an agreement will be reached that will end the war. This weighs on the market and the euro.
Technical levels
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
