- EUR/USD rallies to near 1.1700 as the US Dollar’s safe-haven demand diminishes.
- US President Trump suspends scheduled attacks on Iran as it agrees to reopen the Hormuz.
- Eurozone Retail Sales declines 0.2% MoM in February, in line with expectations.
The EUR/USD pair trades 0.75% higher to near 1.1700 during the European trading session on Wednesday. The major currency pair strengthens as the US Dollar (USD) underperforms amid an upbeat market mood.
TEUR/USD technical analysis
EUR/USD trades sharply higher at around 1.1700 during the press time. The near-term bias is bullish as price extends above the descending support trend line of the Symmetrical Triangle formation from 1.1403 and holds over the 200-day exponential moving average clustered around 1.1560, indicating buyers control the pullbacks for now.
The latest RSI reading at 57 shows positive momentum without overbought conditions, reinforcing the upside tilt after the recovery from the mid-1.14s.
Initial support emerges at the trend-line area near 1.1600, with the 200-day EMA just beneath reinforcing this zone; a break below would expose the 1.1550 region as the next downside level. On the topside, the intraday high of 1.1708 is the immediate resistance, followed by the March high at around 1.1800, where a sustained break would confirm continuation of the nascent upswing.
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- Gold drifts lower as Fed rate hike bets and Middle East tensions boost USD
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