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EURUSD: euro hovers near balance line at 1.1925

The EURUSD pair logged losses on Monday, March 15, down 0.21% at 1.1924. The decline gathered momentum during the Asian session. Upside in the dollar faded as Treasury yields corrected lower. The euro was range-bound (1.1910-1.1940) during European and North American trading.

Todays macro agenda (GMT 3)

  • 13:00 Germany and Eurozone: ZEW economic sentiment index (March)
  • 15:30 Canada: foreign securities purchases (January); US: retail trade (February) and import prices (February)
  • 16:15 US: industrial production (February)

EURUSD: euro hovers near balance line at 1.1925

Current outlook

At the time of writing, the euro was trading at 1.1925. Euro crosses are trading in positive territory. The EURUSD pair tops the leaderboard in terms of profit ( 0.02%) since the opening of today’s trading session.

The 10-year US Treasury yield is in decline and stands at 1.595%. Traders have taken to the sidelines ahead of the FOMC meeting and Jerome Powell's speech. There are expectations that Powell may try to calm the fixed income market. If the Treasury bond issue fades into the background, US10Y yields will drop to 1.54% (support for risk-sensitive assets).

Strong support has formed at 1.1910. Buyers need to hold this level or sellers will quickly push the price action down to 1.1870. In order for buying to pick up before the FOMC and BoE meetings, it will be enough to gain a foothold above 1.1942.

As for today’s key macro releases, FX players are advised to watch this morning for the ZEW economic sentiment index out of Germany and the Eurozone. The single currency could get a boost if these readings come in strong. However, if UST yields turn higher again, the market will brush off these data points.

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