The euro remains under pressure against the US dollar, with the 1.15–1.16 area acting as key support and a break below it potentially opening a deeper move toward 1.11.
The US dollar strengthened broadly this week as the escalating Iran conflict drove oil prices higher and reinforced the greenback's advantage over energy-importing currencies such as the euro and the Japanese yen. Latest — Exchange Rates:Pound to Dollar (GBP/USD): 1.33635 (+0.05%)Euro to Dollar (EUR/USD): 1.16036 (-0.03%)Dollar to.
The pair managed to meet the target of 1.1580. As we see from the chart, market trend support is at 1.1530-60 which could push for a rebound towards 1.1725.
EUR/USD trades sideways around 1.1600 as US NFP takes centre stage
EUR/USD Price Forecast: Eyes nine-day EMA barrier after rebounding from 1.1600
EUR/USD finds itself at a critical technical and fundamental juncture. After a volatile week defined by a “flight to safety,” the pair has broken back below the psychological 1.1600 barrier.
EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar
EUR/USD faces a critical test at 1.1578 support, driven lower by geopolitical tensions (Middle East, Iran leadership succession) and a cautious ECB, contrasting with a strong US economy. The imminent NFP report is set to determine the pair's next major move toward 1.1500 or a rally above 1.1670.
In the last couple of days, markets are increasingly attempting to price in the possibility of easing geopolitical tensions in the Middle East. We have seen, equity markets have staged a modest recovery, while the euro has stopped falling.
On 3 March, the EUR/USD pair fell below the January low (around 1.15777), establishing the lowest level of the year. As of today, 5 March, the chart shows signs of a continuation of bearish momentum.
EUR/USD recovers early losses as Iran expresses willingness for truce
The pair managed to meet the target of 1.1580. As we see from the chart, market trend support is at 1.1530-60 which could push for a rebound towards 1.1725.