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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.

Key quotes

“Germany published the January Trade Balance, which posted a surplus of €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.”