EUR/USD steadies around 1.1000 as investors await fresh headlines on Russia-Ukraine peace talks


  • EUR/USD sticks around 1.1000 amid obscurity over a ceasefire between Russia and Ukraine.
  • The Ukraine crisis has complicated the job of the ECB ahead of April’s monetary policy.
  • The extent of the interest rate hike by the Fed largely banks upon the extent of US NFP.

The EUR/USD pair is auctioning back and forth in a narrow range of 1.0940-1.1440 since the previous week as investors are waiting for the speech from the European Central Board (ECB)’s President Christian Lagarde and the release of the European Union (EU)’s Unemployment Rate, which are due on Wednesday and Thursday respectively.

The speech from the ECB’s Lagarde will provide insights into the likely monetary policy action in April. The ECB policymakers have yet not increased their interest rates, unlike the other World leaders who have already turned their interest rate cycle. The Ukraine crisis amid Russian military activity on Ukrainian land has made the context complicated for the ECB policymakers. Russia’s invasion of Ukraine has raised fears of stagflation in Europe. Its February inflation figure at 5.9% is very much higher than the targeted figure of 2%. Therefore, ECB’s think tank will remain in dilemma whether to elevate the interest rate or to take the bullet itself.

Meanwhile, the US dollar index (DXY) has rebounded sharply after sensing bids near the round level support at 99.00. Investors are eying the US Nonfarm Payrolls (NFP) for building further positions in the mighty greenback. The extent of US NFP is likely to dictate the extent of the interest rate hike by the Federal Reserve (Fed) as any underperformance from the above-mentioned indicator will keep the interest rate hike in 25 basis points (bps) category.

Apart from the ECB’s Lagarde speech and US NFP, the EU’s Unemployment Rate holds significant importance. The inactive labor force rate is likely to trim to 6.7% against the previous print of 6.8%.

EUR/USD

Overview
Today last price 1.0983
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 1.098
 
Trends
Daily SMA20 1.1004
Daily SMA50 1.1193
Daily SMA100 1.1261
Daily SMA200 1.1502
 
Levels
Previous Daily High 1.1
Previous Daily Low 1.0945
Previous Weekly High 1.107
Previous Weekly Low 1.0961
Previous Monthly High 1.1495
Previous Monthly Low 1.1106
Daily Fibonacci 38.2% 1.0966
Daily Fibonacci 61.8% 1.0979
Daily Pivot Point S1 1.095
Daily Pivot Point S2 1.092
Daily Pivot Point S3 1.0895
Daily Pivot Point R1 1.1005
Daily Pivot Point R2 1.1029
Daily Pivot Point R3 1.1059

 

 

 

 

 

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