EUR/USD braces to 1.1000 amid a firm US dollar By christianborjon EURUSD Majors Macroeconomics Technical Analysis Sentiment
confined to the 1.0960-1.1000 area. At press time, the EUR/USD is trading at 1.1000.Risk appetite improved in the New York session, as portrayed by US equities rising, contrarily to European bourses, which fluctuated. The greenback has been supported throughout the day, as reflected by theup 0.16%, at 98.766, underpinned by elevated US Treasury yields, with the 10-year benchmark note yield up to four basis points, sitting at 2.348%.
On the Geopolitical front, Russia – Ukraine hostilities remain, while peace talks languished. Meanwhile, the NATO two-day summit has not provided EUR/USD tradable news just yet. Worth noting that according to a US official, US President Joe Biden supported the increase of NATO troops on the eastern front. Furthermore, Biden and European NATO members assess the risks of Russia’s launching a biological, chemical, or nuclear attack. Also, Biden called for Russia to be removed from the G-20.
Aside from this, Fed speakers have continued to grab headlines. Chicago Fed President Charles Evans said he is “comfortable” with 25 bps increases to the Federal Funds Rate but remains “open” to 50 bps increases if needed. Earlier, Minnesota Fed President Neil Kaskari said that 10-year Treasury yields remain low while emphasizing a risk of overdoing it on rate hikes.
On Friday, the Eurozone economic docket will unveil March’s IFO Business, Current Conditions, and Expectations for Germany. Across the pond, Pending Home Sales for February, the Universit of Michigan Consumer Expectations for March, and Fed speakers would grab the headlines.The EUR/USD pair remains downward biased. However, as portrayed by the daily, in the last two days’ EUR/USD price action, the pair faltered of breaking below Tuesday’s daily low at 1.
If that scenario plays out, the EUR/USD first resistance would be 1.1043. Breach of the latter would expose Pitchfork’s parallel-line between the top and central ones around 1.1080, followed by 1.1100. On the flip side, the EUR/USD path of least resistance, the first support, would be 1.0960. A decisive break would expose the 1.0901 March 11 low, followed by the YTD low at 1.0806.
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