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EURUSD moves in downward channel

The EURUSD currency pair remains under pressure. Investors are piling into the dollar as a safe haven currency amid military conflict in Ukraine, the likes of which has not been seen in Europe since the end of WW II.

Some support for the US currency came from the ADP report published stateside yesterday on private employment for February. This report showed an increase of 475k, while the median consensus had called for only 388k.

Technically, the EURUSD pair has been trading within a downward channel since February 23. If the pair breaks through 1.1057, which matches Wednesday’s local low, the next downside target will be 1.0870.

Upcoming macro events (GMT+3)

Today

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

Tomorrow

  • 13:00 Eurozone: retail sales (YoY, Jan)
  • 16:30 US: NFPs (Feb)

 

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