EUR/USD sees a quick rebound towards 1.1050 amid easing Ukraine's nuclear fears

EUR/USD rebounds firmly from 2022 lows as risk-off trades calm a bit.
DXY retreats as fears over the Ukrainian nuclear power plant attacks ease.
All eyes continue to remain on the Ukraine crisis ahead of the US NFP.

Dhwani Mehta FXStreet

EUR/USD is on a quick retracement towards 1.1050, having hit fresh 2022 lows at 1.1010 in the last hours.

The main currency pair came under heavy selling pressure after news hit the wires that Europe’s largest nuclear power plant in Ukraine was attacked by Russia. The Zaporizhzhia Nuclear Power Plant is located a few kilometers from Enerhodar.

Markets started contemplating radiation risks after a fire was reported on Russia’s shelling. The risk sentiment was heavily hit, with the S&P 500 futures down 1.33% at one point while the US dollar index jumped to the highest levels since mid-2020 at 98.08. This led to the crashing of the EUR/USD to near the 1.1000 psychological levels.

Although the decline was quickly reversed on calming statements from the Ukraine authorities and the International Atomic Energy Agency (IAEA), suggesting that there was no change reported in radiation levels at the Zaporizhzhia nuclear power plant. The head of the Zaporizhzhia Regional State Administration said, “nuclear safety of the plant is ensured.”

The risk-off flows cooled off on these above statements, offering some relief to the major, as the safe-haven US dollar pared back gains while the S&P 500 futures recovered losses. At the time of writing, the pair is trading at 1.1038, down 0.23% on the day.

Looking ahead, the developments related to the Russia-Ukraine war will continue to remain as the main market driver, as traders eagerly await the US Nonfarm payrolls data for fresh USD valuations.

EUR/USD: Additional levels to consider

EUR/USD

Overview
Today last price	1.1037
Today Daily Change	-0.0027
Today Daily Change %	-0.24
Today daily open	1.1063

Trends
Daily SMA20	1.1309
Daily SMA50	1.1317
Daily SMA100	1.1367
Daily SMA200	1.1598

Levels
Previous Daily High	1.1129
Previous Daily Low	1.1034
Previous Weekly High	1.1391
Previous Weekly Low	1.1106
Previous Monthly High	1.1495
Previous Monthly Low	1.1106
Daily Fibonacci 38.2%	1.107
Daily Fibonacci 61.8%	1.1093
Daily Pivot Point S1	1.1021
Daily Pivot Point S2	1.098
Daily Pivot Point S3	1.0926
Daily Pivot Point R1	1.1117
Daily Pivot Point R2	1.1171
Daily Pivot Point R3	1.1213

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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