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16 Mar 2023

EUR/USD Price Analysis: Recaptures 1.0600 as USD Index extends correction, ECB policy eyed

  • EUR/USD is likely to remain in action ahead of the interest rate decision by the ECB.
  • The Euro has shown responsive buying from below 1.0530 amid hawkish ECB bets.
  • The RSI (14) is making efforts in leaving the bearish range oscillation, which indicates a bullish reversal.

The EUR/USD pair has stretched its recovery to near the round-level resistance of 1.0600 in the Asian session. The major currency pair is attracting bids as the European Central Bank (ECB) is expected to maintain its higher gear for interest rates ahead. An announcement of third consecutive 50 basis points (bps) is expected in the interest rate decision by ECB President Christine Lagarde despite Credit Suisse’s fiasco as stubborn Eurozone inflation is needed to be prioritized.

S&P500 futures are showing decent gains in the Asian session, indicating that investors are digesting the turmoil of Credit Suisse, however, the risk aversion is not entirely faded yet. The US Dollar Index (DXY) has extended its correction to 104.54 as the rally was backed by fears of a global banking crisis, not of bigger rates announcement by the Federal Reserve (Fed).

EUR/USD has shown a recovery move after testing the horizontal support plotted from February 27 low at 1.0533 on a two-hour scale. The shared currency pair has shown a responsive buying move, which indicates a ‘value buying’ at lower levels.

The 20-period Exponential Moving Average (EMA) at 1.0638 is still declining, which indicates that the short-term trend is bearish.

Contrary to that, the Relative Strength Index (RSI) (14) is making efforts in leaving the bearish range oscillation, which indicates a bullish reversal.

For further action, a decisive move above the round-level resistance at 1.0600 will drive the asset toward February 28 high at 1.0645. A breach above the latter will expose the asset to March 01 high at 1.0691.

On the flip side, a slippage below February 27 low at 1.0533 would expose the asset to psychological support at 1.0500 and December 07 low at 1.0443.

EUR/USD two-hour chart

 

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