Solid News

The Dollar Regained its Leadership in the EURUSD Again

3/16/2023 1:36 PM

The EUR/USD pair is moving within a corrective trend, trading at 1.0600.

In February, the consumer price index in France added 1.1%, acting as a catalyst for the growth of the annual value to 6.3% YoY from 6.0% earlier. Harmonized with EU standards, the same indicator rose by 7.3% from 7.0%, which is the first negative signal before the publication of the consolidated indicator of all countries in the region. The volume of industrial production in the EU in January rose by 0.7%, leading to an annual correction of 0.9% YoY after falling by 2.0% in the previous period.

The US currency is showing positive dynamics, trading at 104.200 in the USD Index, despite poor macroeconomic statistics. Thus, the core retail sales index, one of the key indicators of the population's solvency, fell by 0.1% in February after increasing by 2.4% in the previous month, while the producer price index corrected by –0.1% against an increase of 0.3 % previously.

On the daily chart, the trading instrument continues its corrective movement within the global ascending corridor with dynamic boundaries 1.0520–1.1150.

Technical indicators are weakening the sell signal: fast EMAs on the Alligator indicator have approached the signal line, and the AO histogram is forming corrective bars in the sell zone.

Resistance levels: 1.0640, 1.0760. | Support levels: 1.0520, 1.0330.

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