EUR/USD looks to 1.1400 on diplomatic talks over Ukraine


  • EUR/USD looks to break higher from 1.1357-1.1371 on the  Blinkin-Lavrov meeting next week.
  • The DXY is likely to auction lower as risk sentiment in the market improves.
  • Easing fears over an imminent Russian invasion of Ukraine underpin Treasury yields.

The EUR/USD pair extends the bounce from Thursday's low of 1.1322, as investors cheer the meeting between US Secretary Antony Blinken and Russian Foreign Minister Sergei Lavrov. The former has accepted the invitation for meeting late next week, with a stipulation that there is no further Russian invasion of Ukraine, said US State Department.

The positive developments over the Russia-Ukraine tussle have supported the Asian markets, S&P500 futures and risk-sensitive currencies but EUR/USD is gathering strange to break out from a range of 1.1357-1.1371.

Meanwhile, the US dollar index (DXY) has failed to surpass 96.00 several times from Thursday, which is indicating that the DXY may auction lower, backed by fading risk-off trades and liquidity channelization towards risk-sensitive currencies.

The 10-year US Treasury yields have turned positive around 0.6% from Thursday’s close and are indicating that the market sentiment is turning favorable.

It is highly likely that investors will accommodate their positions on the basis of geopolitical headlines but investors will also keep Friday’s Consumer Confidence data by the European Commission under the radar. Adding to that, the speech from European Central Bank (ECB) Frank Elderson on Friday will also provide some insights about the stance of the ECB that it will dictate in its March’s monetary policy committee (MPC) meeting. Meanwhile, a slew of Fedspeak will also hog the limelight. 

EUR/USD

Overview
Today last price 1.1368
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.136
 
Trends
Daily SMA20 1.1332
Daily SMA50 1.133
Daily SMA100 1.1402
Daily SMA200 1.1646
 
Levels
Previous Daily High 1.1386
Previous Daily Low 1.1323
Previous Weekly High 1.1495
Previous Weekly Low 1.133
Previous Monthly High 1.1483
Previous Monthly Low 1.1121
Daily Fibonacci 38.2% 1.1347
Daily Fibonacci 61.8% 1.1362
Daily Pivot Point S1 1.1327
Daily Pivot Point S2 1.1294
Daily Pivot Point S3 1.1264
Daily Pivot Point R1 1.139
Daily Pivot Point R2 1.1419
Daily Pivot Point R3 1.1452

 

 

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