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Mar 25 - 08:36 AM

EUR/USD - COMMENT-EUR/USD Could Go Either Way After Huge U.S. Measures

By Martin Miller  —  Mar 25 - 06:45 AM

The dollar slipped for a third consecutive session on Wednesday, as a deal to backstop the U.S. economy with a huge fiscal stimulus promised to further ease some of the pandemic-driven demand for hard cash nL4N2BI1ZR, underpinning EUR/USD.
That follows on from the Fed's money bazooka nL1N2BH0A4.
EUR/USD on Tuesday broke above the key 1.0839 Fibonacci level -- a 23.6% retrace of the 1.1495 to 1.0636 March drop -- but failed to close above.
EUR/USD found a base after shedding 227 points last Thursday, the biggest one-day drop since June 24, 2016, according to EBS prices.
A daily close above the 1.0839 Fibo is needed for EUR/USD to rise back into the daily cloud, which currently spans 1.0930-1.1011.
If EUR/USD fails to close above the 1.0839 Fibo on Wednesday, then expect a resumption of EUR/USD selling in coming sessions.


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Source:
Refinitiv IFR Research/Market Commentary

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