Euro is battling with 1.1200, with increased bearish potential EUR EURUSD $EUR $EURUSD
The macroeconomic calendar will include updates on US inflation and employment this week.to 1.1246 after starting the day over 100 pips lower on the back of risk-aversion. Russia escalated its attack on Kyiv over the weekend, and Western countries responded with measures aimed at financially isolating Moscow.
Meanwhile, US officers keep hitting the wires and hinting at aggressive rate hikes. On Monday, it was the turn of, who said that a 50 bps hike is possible if high inflation persists. Data wise, the day has been light, although the week is quite busy, with US inflation and employment updates. The US published the January Goods Trade Balance, which posted a deficit of $-107.6 billion and Wholesale Inventories for the same month, which were up a modest 0.8%.
On Tuesday, Markit will release the final readings of its February PMIs, while Germany will unveil the preliminary estimate of the February Consumer Price Index. Additionally, the US will publish the official February ISM Manufacturing PMI.The EUR/USD pair heads into the Asian opening struggling at around the 1.1200 figure.
The 4-hour chart shows that the pair retreated after testing bears’ determination around a firmly bearish 20 SMA. The longer moving averages remain over 100 pips above the shorter one, while technical indicators have turned flat within negative levels after correcting oversold conditions, indicating general selling interest.
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