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EURUSD extends losses

The dollar continues to firm against risk currencies amid the ongoing war in Ukraine. In addition, the USD drew support from fairly strong macroeconomic data. The ISM manufacturing PMI for February came out stateside yesterday. It rose to 58.6 from 57.6 in January. Experts were more cautious about their forecasts and expected an increase only to 58.0.

As a result, the EURUSD pair on Tuesday dropped from the triangle that formed on short timeframes. The next logical step is that the pair will break through the 1.1106 support level and retrace to a low since May 2020. The door is open for further downside. We recommend selling the pair with a target of 1.0870.  

Today, market participants are advised to focus on the Eurozone CPI for February. The median consensus is calling for an increase of 5.4% YoY, with core inflation at 2.5% YoY.

Upcoming macro releases

Today

  • 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

Tomorrow

  • 18:00 US: ISM service PMI (Feb)
  • 18:00 US: Fed Chair Powell speech
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