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EURUSD is consolidating within a triangle

The EURUSD pair remains under pressure from the dollar's status as a safe haven currency amid the war in Ukraine. In addition, markets are confident about a faster pace of monetary tightening by the US Federal Reserve compared to the ECB, which also puts pressure on the pair.

Moderately negative for the single currency was Germany’s release today of the Markit manufacturing PMI for February, which came in at 58.4. On the one hand, a reading above 50 points to continued growth, while, on the other hand, it turned out to be slightly lower than them median consensus at 58.5.

Technically, the EURUSD pair is consolidating within a symmetrical triangle and is testing its lower bound. In case of a breakout to the downside, we can expect to see the pair drop to 1.1106. Aa alternative scenario would be a breakout to the upside of the triangle. In this case, we could be looking at a leg up to 1.1391.

Upcoming macro releases (GMT+3)


  • 16:00 Germany: harmonized inflation rate (YoY, Feb)  
  • 16:00 Eurozone: ECB President Christine Lagarde speech
  • 18:00 US: ISM manufacturing PMI (Feb)


  • 05:00 US: President Joe Biden speech
  • 13:00 Eurozone: CPI flash (MoM, Feb)
  • 13:00 Eurozone: Core inflation rate (YoY, Feb)
  • 16:15 US: ADP employment change (Feb)
  • 18:00 US: Fed Chair Powell speech

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