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EURUSD remains locked in downward channel

The EURUSD pair continues to trend lower. The main factor remains unchanged:  demand for risk-free assets (in this case, the US dollar) amid military confrontation in Ukraine. Today's the pair’s regular overnight downward surge was due to the shelling of the Zaporozhzhia nuclear power plant, the largest in Europe. Last night’s attack caused a fire, which was later extinguished. The threat of a nuclear disaster in the European region exerted heavy pressure on the euro.

Meanwhile, sluggish macroeconomic releases came out of the US yesterday. The ISM non-manufacturing activity fell to 56.5 in February, while the median consensus called for 61.0, up from 59.9 in January. However, amid ongoing military confrontation in Ukraine, this data point could not prevent the dollar from strengthening.

Technically, the EURUSD pair broke through the 1.1057 support level and continued to trend down within a descending channel. The downside target still remains 1.0870.

Today a key macroeconomic indicator is due out stateside, the non-farm payrolls report. This data point, along with inflation, is the Fed’s preferred monetary policy gauge. Experts expect to see a gain of 400k compared to 467k a month earlier.

Upcoming macro releases (GMT+3):

Today

13:00 Eurozone: retail sales (YoY, Jan)

16:30 US: NFPs (Feb)

Monday, March 7

7:00 Germany: retail sales (YoY, Jan)

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