Despite the prospect of war in Europe, which would have a major impact on Eurozone growth, the EURUSD has held up well, only dipping marginally following the news of Russia’s push into Ukraine. The trend, and risk broadly, appears skewed to the downside right now for the Euro.
Nevertheless, as traders re-evaluate the prospect of rate hikes across the globe, the pair continues to oscillate around the 20 and 50 daily MAs. Major support can be found around 1.1260 for the pair now, while on the upside, resistance can be found at roughly 1.1380 and the 100-day MA.
Looking forward, in the US the Flash Services and Manufacturing PMI and CB Consumer Confidence will be released later in the day.
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