EUR/USD Talking Points
- EUR/USD Continues to Test Psychological Resistance
- EURO continues to eye Russia/Ukraine war
- USD weighed down by risk sentiment despite hawkish Fed
Both Europe and the United States currently remain under pressure as the war between Russia and the Ukraine remains resolved. With the Fed now sticking to its 25b/p rate hike, the conflict between the Eastern European countries and the global implications that follow have weighed on EUR/USD, pushing prices below the key psychological level of 1.200 which remains as critical resistance for the imminent move.
EUR/USD Technical Analysis
After failing to break below the 1.080 handle, price action has continued to test the 1.1000 which currently remains as critical resistance. With the major currency pair currently trading below the 1.100 level, the MACD remains below the zero-line, a potential indication that the pair may continue to decline, provided that geopolitical factors remain intact.
EUR/USD Daily Chart
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707