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EURUSD Market Update

3/13/2023 12:12 PM

Against the weakening US dollar, the EUR/USD pair is trading at 1.0723.

Macroeconomic statistics from the EU were neutral, confirming analysts' forecasts: the consumer price index in Germany rose by 0.8% in February, as analysts had expected, which allowed the annual rate to remain at 8.7%. Thus, the corresponding indicator, harmonized with EU standards, amounted to 9.3%, higher than 9.2% in January, which was taken into account in the price of the currency earlier and did not affect it.

Quotes of the American currency fell to 103.400 in the USD Index, as the US labor market failed to maintain a positive trend, and the February unemployment report recorded an increase to 3.6% from 3.4% earlier. Experts did not expect such dynamics, as initial jobless claims have been decreasing for two weeks. Nevertheless, nonfarm payrolls fell to 311.0K from 504.0K a month earlier, which was the main reason for the increase in the number of unemployed.

On the daily chart, the trading instrument continues its corrective movement within the global ascending corridor with dynamic boundaries 1.0520–1.1100.

Technical indicators weaken the sell signal: fast EMAs on the Alligator indicator are actively approaching the signal line, narrowing the range of fluctuations, and the AO histogram is forming corrective bars, rising in the sell zone.

Resistance levels: 1.0776, 1.0930. | Support levels: 1.0640, 1.0520.

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