After hitting sixteen-day highs midway through the US session on Thursday at 1.1137, the EUR/USD began to give ground. This Friday, the pair has lost almost 90 pips from intraday top 1.1118 to bottom at low of the day, 1.1031.
Market sentiment has weakened on the last day of the week as negotiations between Ukraine and Russia appear to be moving much slower than expected. Consequently, the dollar is gaining ground against its rivals. The DXY index that measures the greenback recovers at this time to 98.39, new daily ceiling.
In the economic calendar of the day, the euro zone has published its trade balance for January, showing the highest deficit since the beginning of the millennium at -27.7B euros, worsening the -17.8B estimated by the market consensus. In the US, Existing Home Sales for February will be released later. Michelle W. Bowman, Governor of the Federal Reserve Board, will also speak.
EUR/USD Levels
With the pair quoting above 1.1040 at time of writing, shedding 0.46% on the day, a break below 1.1000 could stimulate a further decline towards 1.0950, March 16 post-Fed low. Further down, main support awaits in the area 1.0900floor of March 14.
To the upside, it is necessary to recover above the 1.1135 zone to push towards the psychological zone 1.1200 first and the resistance 1.1270 after (February 25 high), steps prior to jumping to the February ceiling in 1.1395.
Source: Fx Street
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