EUR/USD needs to clear 1.0940 for an extended rebound
|EUR/USD has been fluctuating in a narrow channel above 1.09. The euro needs to clear 1.0940 to extend recovery, FXStreet’s Eren Sengezer reports.
Risk perception likely to continue to impact euro's valuation in near-term
“Russian and Ukrainian officials are expected to hold the next round of talks at 08:30 GMT on Monday. A renewed optimism for a diplomatic solution is likely to help the euro gather strength. On the flip side, the shared currency is likely to continue to face selling pressure in case market participants price in a prolonged conflict.”
“In case EUR/USD rises above 1.0940 (Fibonacci 23.6% retracement of the latest downtrend) and starts using it as support, additional gains toward 1.0970 (50-period SMA on the four-hour chart) and 1.10 (psychological level, Fibonacci 38.2% retracement) could be witnessed.”
“1.09 (psychological level, static level) aligns as the first support before 1.0850 (static level) and 1.0800/05 (psychological level, March 7 low).”
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.