EUR/USD grinds lower towards 1.0770s amid a risk-off mood and a strong greenback By christianborjon EURUSD Majors Macroeconomics Technical Analysis
at 1.0806, opening the door for further losses amidst a risk-off market mood. At the time of writing, the EUR/USD is trading at 1.0775.Geopolitics and Fed speaking continue spooking investors. Ukraine’s President Zelenskyy said that talks with Russia are at a “dead end” and emphasized that Ukraine will not trade its territory and people. He added that if Russian forces continued and destroyed the remaining troops in Mariupol, it would “put an end” to talks.
On April 14, the New York Fed President John C. Williams noted that a 50 bps rate increase is a reasonable option, but the pace of rate hikes will depend on the economy’s path. Williams added that the Fed needs to move “expeditiously” to normal policy levels, and a more neutral.would leave traders leaning on Fed speaking, with St. Louis Fed President James Bullard crossing wires near the end of the New York session.
unchanged, tilted to the downside, though downward pressured, once it cleared the March 7 cycle low at 1.0806. The daily moving averages are still above the spot price, with the 50-DMA at 1.1522 about to cross under the 200-DMA, which would form a death cross, indicating further selling pressure. That said, the EUR/USD first support would be the YTD low at 1.0757. A decisive break would expose April 2020 swing low at 1.0727, followed by March 2020 cycle low at 1.0636.
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