- A deterioration in market sentiment boosts the US dollar.
- EUR/USD remains in a recent range, now with a bearish intraday bias.
The EUR/USD pulled back further from the 1.1360 area and fell to 1.1320, erasing daily gains. The move lower took place amid a deterioration in market sentiment that boosted safe-haven assets.
DXY turns positive, still within range
The US dollar gained momentum during the US session as US stock indices turned negative. The Dow Jones falls 0.17% and the Nasdaq falls 0.57% after opening in positive territory.
Headlines about the crisis in Ukraine sent stock markets lower. Ukraine announced a state of emergency starting at midnight for 30 days and after the US warned of a full-scale Russian invasion within 48 hours.
DXY is now up 0.03% after being in negative territory for most of the day. The index is moving towards the upper limit of the current range. Like DXY, EUR/USD continues to move sideways in the short term around 1.1330.
A daily close below 1.1300 should point to further weakness, while a break above 1.1400 would see the Euro gain strength.
Technical levels
Source: Fx Street
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