EUR/USD to target 1.1400 next in case risk flows start to dominate markets
EUR/USD has gone into consolidation following Tuesday's rebound. Markets await clarity on the Russia-Ukraine conflict, which could propel the pair towards the 1.14 level, according to FXStreet’s Eren Sengezer.
Key support aligns in the 1.1340/1.1350 area
“A negative tilt in risk sentiment could make it difficult for the euro to continue to gather strength against the dollar and vice versa.”
“1.1400 (psychological level, Fibonacci 23.6% retracement of the latest uptrend, 50-period SMA) aligns as the next bullish target ahead of 1.1450 (static level) and 1.1480 (static level).”
“On the downside, the Fibonacci 38.2% retracement and the 200-period SMA seem to have formed key support in the 1.1340/1.1350 area ahead of 1.1320 (100-period SMA) and 1.1300 (psychological level, Fibonacci 50% retracement).”
See: EUR/USD to hit 1.14 on further de-escalation in Russia-Ukraine tensions – ING
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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.
