- EUR/USD bulls remain in play above 1.0850 on the front side of the daily trendline support.
- 1.0900 comes in at the target with 1.0920 above there as a potential liquidity zone.
EUR/USD is at an important juncture on the charts ahead of the Federal Reserve event whereby there are prospects of a significant correction if the market finds itself wrong on the Fed. However, in the meanwhile, a move to test 1.0920 could be on the cards.
EUR/USD daily charts
A break of the bull cycle's trendline support and a hawkish outcome at the Fed would see the price plummet over time for a test all the way down to 1.0650/00.
EUR/USD H4 chart
The price has broken the structure and this leaves the bias to the upside for the sessions ahead of the Federal Reserve. The support comes in near a 38.2% Fibonacci retracement of the prior bullish 4-hour impulse where a correction would be expected to decelerate. This comes in at 1.0850. On the upside, 1.0900 comes in at the target with 1.0920 above there as a potential liquidity zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD consolidates below 1.0850 amid upbeat mood
EUR/USD is easing below 1.0850 in the early European morning. Traders turn cautious, despite easing banking fears, as the focus shifts toward the euro area inflation data. The pair's pullback could be also attributed to a broad US Dollar rebound.
GBP/USD turns south toward 1.2300 as US Dollar rebounds
GBP/USD is heading back toward 1.2300, fading the Asian bounce in early Europe. Broad-based US Dollar rebound, despite a better market mood and sluggish US Treasury bond yields, is weighing on the pair. US housing data awaited.
Gold declines towards $1960 as USD rebounds ahead of Core PCE Price Index
Gold price is declining towards $1960.00 as investors are getting anxious ahead of US PCE inflation data. The reputation of Gold as a safe-haven amid US banking jitters has ebbed. On a broader note, Gold price is auctioning in a Symmetrical Triangle chart pattern.
Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?
Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.
Market mood improves as banking fears ease
This week, financial markets will focus on key inflation figures from across the globe, speeches by Fed officials, and the US Senate hearings on SVB. Although some normality seems to be returning to markets, this could easily be disrupted by negative news.