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EURUSD Market Update

3/22/2023 12:00 PM

Against a slight decrease in the US dollar, the EUR/USD pair is moving within a corrective trend at 1.0769.

There are no drivers capable of radically changing the direction of dynamics for the European currency, which is confirmed by the latest macroeconomic statistics: the index of current economic conditions in Germany from the Center for European Economic Research (ZEW) amounted to –46.5 points in March, lower than –45.1 points earlier, while economic sentiment dropped to 13.0 from 28.1. Against this background, the overall similar value for the EU countries also decreased significantly, dropping to 10.0 points from 29.7 points. Experts note that the banking crisis contributed primarily to the correction.

The US dollar is falling, trading at 102.800 in the USD Index, ahead of the US Federal Reserve's monetary policy meeting. The main scenario assumes a 25.0 basis point increase in the interest rate, and about 60.0% of experts are in favor of it but the rest of the respondents believe that the regulator will take a break to give the banking sector time to stabilize, reducing pressure on the economy. In general, such steps of the department look quite logical since the uncertainty in the country's banking system remains.

On the daily chart, the trading instrument is correcting within the global ascending corridor with dynamic boundaries 1.0560–1.1180.

Technical indicators reversed upwards: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO histogram is forming correctional bars in the buying zone.

Resistance levels: 1.0820, 1.0950. | Support levels: 1.0680, 1.0520.

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