The EUR/USD has lost more than 30 pips since the start of Wednesday, slipping from the daily top around 1.0907 to fresh four-week lows at 1.0874 in the European opening. At time of writing, the pair is trading above 1.0880, shedding 0.22% on the day.
The risk aversion dominates the markets at the moment, after Russia has announced a final offensive to conquer the Ukrainian city of Mariupol. he iDXY dollar index is gaining ground, rising to almost two-year high at 99.75. Additionally, US 10-year bond yields have hit their highest level since the beginning of 2019 at 2.63% during the Asian session on Wednesday.
In Europe, German factory orders were released, falling 2.2% in February’s monthly reading, worsening the 0.2% decline expected by the market. This is the first drop recorded in four months. In the next few hours, several members of the European Central Bank will offer speeches, such as Richard Lane, Luis de Guindos and Fabio Panetta. In the US the focus will be on FOMC Minutes which will be published at 18:00 GMT.
EUR/USD Levels
In case of accelerating the descent, the first support appears in 1.0849floor of March 8, followed by 1.0806, minimum of March 7 and of the last 23 months. Below we would find the low of May 2020 in 1.0766.
On the upside, any recovery attempt must clearly break above the 1.0900 area to head towards resistance 1.0988, yesterday’s ceiling April 5. Above the psychological zone 1.1000 waiting 1.1054maximum of April 4.
Source: Fx Street
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