EUR/USD: Sellers look to take action once the price breaks below 1.1060

EUR/USD has lost its traction following a weak recovery attempt. As FXStreet’s Eren Sengezer notes, the pair is set to face additional selling pressure once 1.1060 fails.Near-term support seems to have formed at 1.1060

“Markets remain cautious regarding the possibility of a diplomatic solution to the crisis with Russian forces moving closer to Kyiv and the pair is finding it difficult to preserve its recovery momentum. In case investors are convinced that Russia is looking to end the military aggression, the euro is likely to capitalize on a relief rally.”

“In case sellers manage to drag the price below 1.1060, additional losses toward 1.1000 (psychological level) could be witnessed. The Relative Strength Index (RSI) indicator on the four-hour chart stays below 50 and confirms the bearish bias.”“On the upside, the initial resistance is located at 1.1150 (20-period SMA, static level) before 1.1200 (psychological level) and 1.1220 (50-period SMA).”

EUR/USD battles 1.1100 amid firmer USD, Ukraine crisis.EUR/USD is trading around 1.1100, undermined by the persistent demand for the safe-haven US dollar. US Treasury yields stabilize at higher levels, as investors turn anxious amid the Russia-Ukraine war and ahead of round 2 of peace talks. 

EUR/USD News ..GBP/USD recaptures 1.3400 despite cautious mood, USD strength.GBP/USD is heading higher above 1.3400 amid a cautious market mood. The US dollar is defending the bids ahead of the Russia-Ukraine peace talks. The developments relating to the Ukraine crisis will dominate the market. UK/US Services PMIs awaited. 

Gold looks to $1,950 again ahead of Russia-Ukraine peace talks.Gold price extends its range play around the $1,930 level for the third consecutive day, reversing a part of Wednesday’s sell-off. Soaring oil prices, a fallout of the Russia-Ukraine crisis, have refueled stagflation concerns worldwide, reviving gold’s demand as a safe haven.

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