EUR/USD Price Analysis: Extends the drop towards 1.1250, as 21-DMA gives way EURUSD Technical Analysis Currencies DollarIndex Coronavirus
US dollar rebounds with Treasury yields amid a cautious market mood. is resuming the decline below 1.1300, having met fresh supply over the last hour, as the US dollar catches a fresh bid in tandem with the Treasury yields.
Additionally, rising inflation expectations continue to back the case for a March Fed rate hike, allowing the dollar to keep an upper hand over the euro. The Looking at EUR/USD’s daily chart, the price tested the upper boundary of a month-long symmetrical triangle formation earlier this week. The extended weakness below the latter put the focus back on the triangle support, which is pegged at 1.1244.
The 14-day Relative Strength Index has turned south below the 50.00 level, suggesting that there are increased odds of a potential leg lower.On the flip side, recapturing 21-DMA support-turned-resistance is critical for bulls to regain control.
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