The Euro may remain pressured against the US Dollar amid Ukraine ahead of the ECB. Still, markets often don’t move in straight lines. What are key EUR/USD reversal warnings to watch? Get your market update from ddubrovskyFX here:
The Euro is coming off the worst week against the US Dollar in almost 2 years. On the daily setting, EUR/continues to be in a precarious state. Markets do not move in a straight line however. Zooming in on shorter timeframes, such as the 1-hour setting, could offer preliminary warnings of exhaustion. Is this the case for the Euro?
It should be noted that the swings of Russia’s attack on Ukraine remain a source of fundamental volatility due to proximity risk for the Euro. The European Central Bank will also be meeting on March 10to set monetary policy. Expectations for a hawkish approach later this year have been notably cut back. Still, proximity risk to theOn the daily chart below, EUR/USD’s slide has brought it closer and closer to lows from April 2020. These make for a range of support between 1.0727 and 1.
Immediate resistance does seem to be the 78.6% Fibonacci extension at 1.0927, followed by the 61.8% level at 1.1048. Let us look at the hourly timeframe to see if there are preliminary signs of exhaustion building up.
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