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Mar 06 - 10:55 PM

EUR/USD - Pivots Round 1.0900 Ahead Of ECB Meeting

By John Noonan  —  Mar 06 - 10:05 PM
  • EUR/USD opened +0.38% at 1.0907 after USD eased after Powell testimony nL2N3FL02R

  • It moved up to 1.0907 early Asia before settling back below 1.0900

  • EUR/JPY selling helped to cap the rally, as the EUR/JPY fell 0.45%

  • EUR/USD resistance is at the 50% of the Dec-Feb fall at 1.0917

  • A break above 1.0920 targets the 61.8 of that move at 1.0969

  • Support is at former resistance at the 55-day MA at 1.0875

  • EUR/USD trending higher with the 5, 10 & 21-day MAs in a bullish alignment

  • A break below the 10-day mA at 1.0850 would suggest momentum is waning

  • Key event today will be the ECB decision, statement and Lagarde presser

  • ECD to remain on hold and maintain guidance, Lagarde may hint at future easing at her presser

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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