EUR/USD has the 1.1040 mark in its crosshairs

FXStreet Insights Team FXStreet

EUR/USD is trading near 1.10 and it looks to extend its rebound in case risk flows continue to dominate the financial markets. The next bullish target for the pair is located at 1.1040 ahead of 1.1080, FXStreet’s Eren Sengezer reports.

Euro could lose interest if it fails to hold above 1.10

“In case investors continue to price in a possible peace agreement between Russia and Ukraine, EUR/USD should preserve its recovery momentum. On the other hand, the pair could find it difficult to keep its footing if geopolitical tensions re-escalate.”

“In case the pair manages to hold above 1.1000 (psychological level, Fibonacci 38.2% retracement of the latest downtrend), it could target 1.1040 (Fibonacci 50% retracement) and 1.1080 (100-period SMA, Fibonacci 61.8% retracement).”

“On the downside, 1.0960 (50-period SMA) aligns as interim support ahead of 1.0930 (Fibonacci 23.6% retracement) and 1.0900 (psychological level, static level).”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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