EUR/USD ANALYSISEuro Zone Economic Sentiment (March) - ACT: 108.5; EST: 109Consumer Inflation Expectations (March) – ACT: 59.8EURO FUNDAMENTAL BACKDR
EUR/USD ANALYSIS
- Euro Zone Economic Sentiment (March) – ACT: 108.5; EST: 109
- Consumer Inflation Expectations (March) – ACT: 59.8
EURO FUNDAMENTAL BACKDROP
After a strong open to the trading day EUR/USD slipped post release of Euro zone sentiment and inflation data respectively (refer to economic calendar below). Economic sentiment marginally missed expectations while industrial sentiment came in higher. On the inflation front, a drastic rise since the prior 37.7 figure was largely expected with surging oil and other commodity prices.
EUR/USD ECONOMIC CALENDAR
Source: DailyFX economic calendar
In conjunction with the above releases, a speech from the ECB President Christine Lagarde is underway. Inflation concerns and supply chain bottlenecks are featuring as a main concern however she does not see higher prices from fuel and food persisting, while the Asset Purchase Program (APP) is set to conclude in Q3 2022. Lagarde went on to reinforce that stagflation fears are unjustified.
TECHNICAL ANALYSIS
EUR/USD DAILY CHART
Chart prepared by Warren Venketas, IG
EUR/USD price action is testing the top of the developing bear flag (blue) but could be superseded should the daily candle close above flag resistance.
Resistance levels:
- 100-day EMA (yellow)
- 1.1200
Support levels:
- 1.1138
- 50-day EMA (blue)
- 20-day EMA (purple)
- 1.1000
Contact and follow Warren on Twitter: @WVenketas
element inside the
element. This is probably not what you meant to do!Load your application’s JavaScript bundle inside the element instead.
www.dailyfx.com