EUR/USD Forecast: Sellers defend the 1.1000 threshold

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EUR/USD Forecast: Sellers defend the 1.1000 threshold
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Euro cannot recover above 1.1000 and could fall towards the 2022 low at 1.0805 EUR EURUSD $EUR $EURUSD

d wild action around government bonds. Global yields soared after the Bank of Japan announced it would be buying an unlimited amount of 10-year JGBs at 0.25% in an attempt to defend the yield cap. The US 10-year Treasury note yield surged to 2.557%, a fresh multi-year high, boosting the greenback against most of its major rivals.traded mixed in Asia and Europe, weighing on Wall Street. Most US indexes are down heading into the close, with only the Nasdaq Composite posting modest intraday gains.

Data wise, the US published the preliminary estimate of the February Goods Trade Balance, which posted a deficit of $106.6 billion, and Wholesale Inventories for the same month, up 2.1%. Finally, the March Dallas Fed Manufacturing Business Index printed at 8.7, better than the 8 expected but below the previous 14.

The 4-hour chart offers a neutral technical stance. The pair is hovering around converging and mildly bearish 20 and 100 SMAs, as technical indicators head nowhere around their midlines. A steeper decline could be expected on a break below 1.0920, a strong static support level.

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