There is a likelihood that $EURUSD will continue falling as bears target the next key support level at 1.0900. Get our Forex signal:
Enter your emailThere is a likelihood that it will continue falling as bears target the next key support level at 1.0900.Timeline: 1-2 days.pair remained in a tight range in the overnight session even as Jerome Powell reiterated his hawkish stance.
In a statement, Russia said that it will continue its “special military operation” even as reports said that over 10 million people have been displaced in the past few weeks. Therefore, it is unlikely that we will see an end to this crisis any time soon. There will be no major economic data from the United States and the European Union today. Instead, investors will focus on speeches by ECB Chair Christine Lagarde and Vice-Chair Luis De Guindos. Their statements will also have minimal impact on the EUR/USD since they made their decision almost two weeks ago.
Therefore, with the Fed and Bank of England raising rates, analysts expect that the ECB will not be left behind for too long.The four-hour chart shows that the EUR/USD pair has been under pressure in the past few days.Further, the pair has managed to move below the 23.6% Fibonacci retracement level while the MACD indicator has made a bearish crossover.
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