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Feb 23 - 12:55 PM

HSBC: Key EUR/USD and EUR/GBP Levels Ahead of ECB March Meeting

By eFXdata  —  Feb 23 - 11:50 AM


HSBC highlights critical levels for EUR/USD and EUR/GBP as the market anticipates the European Central Bank's (ECB) meeting in March. For EUR/USD, the 1.07 mark has emerged as a significant support point throughout February, expected to hold unless the ECB alters its communication tone. A steadfast approach from the ECB could see EUR/USD staying within a range, potentially reaching up to 1.0930. Should the 1.07 support level be breached, the market might quickly aim for 1.05. In the case of EUR/GBP, an ECB shift towards a more dovish stance could lead to a renewed test of the 0.85 level.

Key Points:

  • EUR/USD Stability: The 1.07 level serves as crucial support, with potential upward movement capped at 1.0930 in the absence of significant ECB language changes.

  • EUR/USD Downside Risk: A break below 1.07 could swiftly shift market focus towards the 1.05 target.

  • EUR/GBP Outlook: A dovish turn from the ECB might trigger an attempt to breach the 0.85 mark.


Market participants are closely monitoring the ECB's upcoming March meeting, with specific attention to its impact on EUR/USD and EUR/GBP. The current technical setup suggests significant support and resistance levels, which could define the trading ranges for these pairs based on the ECB's communicated stance.

HSBC Research/Market Commentary


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