EUR/USD hit a daily high of 1.1915, as demand for the greenback eased on the back of weakening US Treasury yields. However, the pair was unable to sustain gains and trades sub-1.1900 ahead of the US opening. According to FXStreet’s Chief Analyst Valeria Bednarik, EUR/USD retains its bearish stance in the near-term as the dollar is set to resume its advance.
“Germany published the January Trade Balance, which posted a surplus of â‚¬22.2 billion, beating expectations. The EU published the final version of Q4 GDP, which was downwardly revised to -0.7% from -0.6% previously estimated. The US published February NFIB Business Optimism, which improved from 95 to 95.8.”
“In the 4-hour chart, a bearish 20 SMA capped the upside, currently around 1.1920, while technical indicators have resumed their declines within negative levels after correcting oversold conditions.”
“The pair needs to break below 1.1840 should hint at a stepper decline ahead in the upcoming sessions.”