EUR/USD to suffer a steeper decline on a break below 1.21


EUR/USD is down from a daily high of 1.2179, trading around the 1.2140 level. The pair is under mild-pressure, with a limited bearish scope in the near-term, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The shared currency is unable to attract substantial buying interest. Still, the greenback is the weakest, as investors wait for US Federal Reserve chief Jerome Powell, scheduled to testify on monetary policy before Congress.”

“The pair retreated from the critical 1.2170/80 price zone. A steeper decline could be expected if the pair losses the 1.2100 level.”

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD holds above 1.4050 after upbeat UK job figures

GBP/USD is trading above 1.4050, near the fresh 35-month highs as US yields retreat from the highs and push the dollar lower. UK wages rose by 4.7% in December and January's jobless claims fell by 20,000, both better than expected. 

GBP/USD News

DOGE in trouble as multiple technical indicators scream sell

Dogecoin price hints at a 75% upswing as the bull flag pattern develops. A decisive close above $0.058 would indicate a start of a bullish breakout. Mounting selling pressure could invalidate crucial support at $0.047 and push it down by 20% to $0.037.

Read more

EUR/USD under pressure ahead of Powell's testimony

EUR/USD trades at fresh daily lows sub-1.2150, with investors turning cautious ahead of the Fed Chairman Powell's appearance before Congress. US Treasury yields under mild pressure, equities struggling to turn green.

EUR/USD News

XAU/USD remains confined in a range above 200-hour SMA

A combination of diverging forces failed to provide any meaningful impetus to gold on Tuesday. Acceptance above 200-hour SMA/23.6% Fibo. confluence supports prospects for additional gains. Mixed oscillators warrant some caution before positioning for any further appreciating move.

Gold news

US Dollar Index: Formidable support is located at 90.00

DXY tests and rebound from the key 90.00 neighbourhood. Further south of this level comes in the 2021 lows at 89.20.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures