$EURUSD Forecast: Fears likely to push the pair towards 1.0760 by valbednarik forex trading
Stocks trade in the red but off intraday lows as sellers paused.trades at around 1.0900, recovering from a fresh multi-month low of 1.0805 as mounting tensions related to the Russia-Ukraine war keep market players rushing into safety. The dollar soared at the weekly opening, particularly against its European rivals, but edged lower against Gold, which flirted with $2,000 a troy ounce.
The mood improved modestly mid-European session on headlines indicating that top Russian and Ukrainian diplomats will meet in Turkey next Thursday. Nevertheless, European indexes trade in the red while government bond yields remain subdued as nobody expects a soon end to this conflict. Data wise, the EU published March Sentix Investor Confidence, which unexpectedly contracted to -7, much worse than the 5.3 expected and down from 16.6 in February. The US will not release relevant data today, and in fact, the macroeconomic calendar will remain quite scarce until Thursday, when the European Central Bank will announce its decision onThe EUR/USD pair is oversold in its daily chart but without signs of downward exhaustion.
The 4-hour chart shows that technical indicators have corrected extreme readings but that remain far below their midlines, suggesting that the current recovery is a mere correction. The 20 SMA heads firmly lower below the longer ones while above the current level, indicating that sellers retain control of the pair. The next relevant support area is at 1.0760, where the pair bottomed in May 2020.
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